USD 800mn Securitisation Deal

5 Jul 2006 14:02

Turkiye Is Bankasi05 July 2006 03.07.2006 Details of the Securitisation Deal On 29.06.2006, Isbank obtained USD 800 million funds, composed of 5 tranches,with a securitisation deal based on Diversified Payment Rights (DPR), for whichWestLB AG, ING Bank and Dresdner Bank AG acted as arrangers. The first trancheof the deal, amounting to USD 100 million, matures in the year 2014. Thisuninsured tranche is rated BBB-/Baa2 by Standard & Poor's and Moody's,respectively. The second and the third tranches of the deal, amounting to USD100 million and USD 150 million and maturing in the year 2014, are insured byFinancial Security Assurance and are rated AAA/Aaa. The fourth tranche,amounting to USD 250 million and insured by MBIA Insurance Corporation, is ratedAAA/Aaa by the same rating firms and matures in the year 2011. The last tranche,amounting to USD 200 million is rated BBB-/Baa2 and matures in the year 2013.The average interest rate of the securitisation deal for the uninsured tranchesis approximately L+0.92 and for insured tranches it is approximately L+%0.18. This information is provided by RNS The company news service from the London Stock Exchange