© 2026 Arizent. All rights reserved.

Turkey’s Isbank investment-grade rating triggers deal

Published 1 Min Read

As previously reported, Isbank has become the first Turkish bank to garner an underlying investment-grade rating from Standard & Poor’s in the public market (see ASR 10/25/04). Led by Standard Chartered, the $500 million transaction is wrapped 50/50 by MBIA and Ambac. The underlying rating reached a cusp ‘BBB-‘. The MBIA tranche has a seven-year final maturity and average life of 5.125 years. The Ambac slice has an eight-year final and 5.625-year average. Collateral is comprised of diversified payment rights (DPR), which essentially cover electronic money flows handled by the bank.

For reprint and licensing requests for this article, click here.

More From Asset Securitization Report

Turkey’s Garanti Talks to OPIC About Possible Deal with MBIA

Turkey’s Garanti Bank is in discussion with the Overseas Private Investment Corp. (OPIC) over receiving straight funding or a guarantee in a deal that could potentially be a structured transaction, said two sources familiar with the process. While the talks are preliminary, both sources also said that the transaction might involve a unit of MBIA Inc as a re-insurer. […]

Turkey’s Garanti Issues €250m DPR

Turkey’s Garanti Bank has closed a club deal backed by diversified payment rights (DPRs) to the tune of €250 million, according to a source close to the transaction. The paper is rated ‘A-’ by Fitch Ratings, the first time the agency has assessed DPR bonds from Garanti. In general, Moody’s Investors Service and Standard & […]

Turkish Banks Unwrap Deals in Post-Crisis World

The urge to unwrap is pretty strong these days. On both the originating and investing sides of the bench, players are itching to ditch the monoline guarantees that no longer add value. The Turkish banks that wrapped structured deals en masse from 2004 through 2007 are no different. At least three have taken action on […]

Kazakh Banks Test Future Flows: Tripped Triggers Speed Up Paydown

Among the victims claimed by the global financial crisis, a number of Kazakh banks have been particularly ravaged. Having borrowed heavily abroad and made hefty gambles on local real estate, much of the country’s finance industry is flailing. This might not be a major concern for ABS players, if not for the outstanding DPR programs […]

European Investment Bank Enters DPRs

At this year’s Information Management Network Global ABS conference held in Nice, France, Turkish originators discussed the multilateral option for selling their DPR deals (ASR, 6/9/08). Distressed markets provided the perfect opportunity for these bankrollers to put into practice one of their mandates: support emerging market issuers in troubled times. Last week, one such institution, […]