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.