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Legal advice to «Agency for Housing Mortgage Lending» (Originator) on the MBS issuance

Securitization

Legal advice to «Agency for Housing Mortgage Lending» (Originator) on the MBS issuance that has also featured the first Russian subordinated bonds issue, and the senior classes (“A” and “B”) of these MBS received the A3 rating with Moody’s which is two notches below the Russian currency rating. ZAO «First Mortgage Agent AHML» was specially established as the bond issuer (SPV) pursuant to the Federal Law No.152-FZ dated 11 November 2003 «On Mortgage-Backed Securities» (the «MBS Law»)

30.07.2010PROJECT FINANCE IN RUSSIA: A NEW DRAFT LAW IS PREPARED BY THE MINISTRY FOR ECONOMIC DEVELOPMENT OF RUSSIA AND LINIYA PRAVA