A unit of Assured Guaranty Ltd. is wrapping a just-priced deal from Turkey’s Garanti Bank, according to a release from the insurer.

Backed by diversified payment rights (DPRs), the transaction totals $500 million and has a five-year maturity, according to a source close to the deal.

The insurer guaranteed a 2014-C tranche worth $200 million.

The deal was arranged privately, according to the source. 

The last time Assured wrapped a Turkish DPR deal was in 2006, the release said. It added: "This transaction denotes renewed interest from issuers and investors in Assured Guaranty wrapped asset-backed securities." 

DPRs are a future-flows asset class linked to all the electronic money that flows through a bank, including payments for exports, remittances from nationals working abroad, and foreign direct investment. 

Assured announced last week that it was seeking business in the future flows sphere. Along with its peers, Garanti Bank, has remained active in the sector without monoline participation.

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