The Diversified Payment Rights (DPR) Securitisation Programme of Alfa Banking Group, established in March 2006, enables the group to efficiently finance itself through occasionally raising funds around the globe while taking advantage of favourable market conditions. The DPR Programme is unlimited and can be utilised by issuing individual tranches subject to the satisfaction of certain conditions that mainly include certain levels of Debt Service Coverage Ratios. Notes from the Programme are issued via Alfa Diversified Payment Rights Finance Company S. A., an SPV incorporated in Luxembourg.
Alfa-Bank’s debut $350 million issue (Series 2006-A Notes) due 2011 under the DPR Securitisation Programme was issued in March 2006. The 2006-A issuance of secured floating rate notes is the first-ever bond issue for Alfa-Bank held under Reg144A.
You can find more information about this issue in the Prospectus.
DPR Bond March 06
The second securitisation issue under the DPR Programme was closed in December 2006. The offering consists of two tranches, one of €230 million in Series 2006-B Notes and one of $260 million in Series 2006-C Notes. Both secured floating rate series have final maturities in December 2011 with an average life of 2.6 years.
You can find more information about Alfa-Bank’s second DPR issue in the Prospectus.
DPR Bond December 06
The third securitisation issue under the DPR Programme was closed in March 2007. The offering consists of two tranches, one of €145 million in Series 2007-A Notes and one of $200 million in Series 2007-B Notes. Both secured floating rate series have final maturities in March 2012 with an average life of 2.625 years (euro tranche) and 3.125 years (US$ tranche).
You can find more information about Alfa-Bank’s third DPR issue in the Prospectus.
DPR Bond March 07
Dresdner Kleinwort and Merrill Lynch International have acted as joint lead managers for Alfa-Bank’s thus far completed DPR transactions with listings on the Irish Stock Exchange. Alfa-Bank’s DPR transactions are rated Baa3 by Moody’s. The third DPR transaction is rated BBB- by Standard & Poor’s.
