London, March 22, 2007

Deutsche Bank launches first rated CDO of CIS Corporates


Deutsche Bank, in conjunction with VTB Bank Austria and VTB Bank (Moscow) has successfully launched and priced Sputnik CDO I - the first ever rated CDO of CIS corporates.

This is a 5 year, $400mm synthetic CDO on a diversified portfolio of Russian, Kazakh and Ukrainian bank and corporate credits. Sputnik CDO I is the first ever rated CDO (Moodys’ rating) referencing CIS corporates, and is testament to both the growth in non-governmental debt issuance in the CIS region, and the increased investor appetite for such structured risk. The transaction is managed by VTB Bank Austria, the structured credit competence centre of the VTB Group, a leading financial institution in the CIS region. The Portfolio was determined by VTB Bank Austria and the exposure was jointly sourced by Deutsche Bank and VTB Bank Austria.

The capital structure of the CDO includes unrated equity (0-10%) and senior equity (10-20%) tranches, as well as mezzanine tranches rated Ba2, Baa3, and A2 by Moody's, each issued by a special purpose vehicle domiciled in Ireland. The risk underlying the transaction is 100% synthetic, i.e. credit default swaps of 5 year maturity, referencing external debt of each of the underlying credits. The portfolio contains 43 credits, each of which are rated and are issuers of publicly traded external debt.



For further information, please call:

Deutsche Bank

Michelle Gathercole    (44 20) 7545 4249
Press and media relations



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