Zurich’s Emerging Markets Solutions group announced that it has provided political risk insurance (PRI) for the first public asset-backed securitization (ABS) project in the Ukraine.
Zurich noted that this is the second time it “has provided political risk coverage for investors in the Ukrainian market to manage the unique risks of capital market transactions in emerging markets. In this latest transaction, Zurich is supporting an $85.8 million Class A Notes issue backed by auto loans and originated by PrivatBank JSCC. The notes were issued by Ukraine Auto Loan Finance No. 1 PLC.”
“We are excited to be involved in the Ukraine’s first public ABS transaction,” stated Dan Riordan, president of the Surety, Credit and Political Risk group. “This recent transaction is particularly noteworthy because Zurich was previously involved in the first publicly rated securitization in this market. With these types of capital market transactions on the rise in the Ukraine, there are increased opportunities to provide PRI. The currency inconvertibility and expropriation coverage afforded by this insurance is often crucial for investors when deciding to invest in a bond issue coming out of an emerging market.”
Source: Zurich – www.zurich.com
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