A $325 million securitization of diversified payments rights from Turkish commercial bank Garanti Bankasi recently hit the private placement market, sources said. Two monoline bond insurers wrapped the transaction.
JPMorgan Securities arranged the deal, which was structured as a 144A without registration rights. The deal came in two tranches. A $175 million five-year class (6.6-year final) wrapped by MBIA priced at three-month Libor plus 35. An Ambac-wrapped $150 million 5.6-year class (eight year final) priced at three-month Libor plus 38.