A new kid has moved into the neighborhood of diversified payment rights (DPRs). Kazkah-stan's ATF Bank collateralized that asset in a five-year $100 million loan-note structured, and fully underwritten, by WestLB, according to sources familiar with the deal. Moody's Investors Service rated the transaction Baa3'.

WestLB declined to comment until it had issued a press release, which hadn't taken place by press time.

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