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Medvedev Spurs Mortgage Bonds as Sberbank Plans Sale

05.07.10

(Adds Sberbank comment in 14th paragraph.)

By Denis Maternovsky and Maria Levitov

July 5 (Bloomberg) -- President Dmitry Medvedev’s attempt to boost home purchases is leading OAO Sberbank to plan its debut mortgage-backed bonds while the government’s housing agency prepares its first issue in two years.

OAO Agency for Housing Mortgage Lending may sell home loan- backed securities in September, said Denis Grishukhin, head of structured products in Moscow at the government funding institution known as AIZhK. Sberbank, Russia’s biggest lender, is preparing its sale for 2012, Natalia Karaseva, the Moscow- based head of consumer lending, said in a July 2 e-mail.

While Medvedev began an initiative to increase home ownership in 2008, loan rates average 13.8 percent, more than twice the level of inflation and above Bank Rossii’s 7.75 percent benchmark refinancing rate, the central bank says. Lenders may struggle to find investors for mortgage bonds after losses on the securities from the U.S. subprime crisis, according to Commerzbank AG and UralSib Financial Corp.

Source: BusinessWeek

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