Russian bank launches first local CDO

Bank Zenit in Moscow has launched what it said is the first collateralised debt obligation (CDO) to be backed by Russian local corporate debt.

The two-year 'Red Square' CDO is worth 6.7 billion roubles ($250 million) and is based on 40 local corporates. JP Morgan acted as structurer with Bank Zenit as portfolio adviser.

Previous emerging-market CDOs have been dollar- or euro-denominated, although Citigroup has developed a CDO that offers exposure to emerging market currencies with sovereign local senior unsecured debt: see Local opportunities, Risk, November 2006.

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