Turkish bank, Turkiye Is Bankasi (Is Bank), threw its hat into the securitization ring for the first time recently, in a deal that securitizes future payment orders paid to the bank. Called TIB Remittances Master Trust, the $150 million deal was arranged and lead managed by Salomon Smith Barney.

The transaction is backed by future MT 100 payments on such items as exported goods and services. The receipts will be cleared by five U.S. banks: Bank of America, Bank of New York, Citibank, Bankers Trust and Chase Manhattan.

The deal was split into two relatively short-term floating rate tranches, both of which were rated BBB by Fitch IBCA. The $88.83 million A notes - with an average life of 1.8 years - priced at 200 basis points over Libor, while the spread on the 3.7-year average life $61.17 million notes was 325 over.

The pricing is tight compared to other recent trade receivable deals from the busy Turkish market, even if syndicated loan-style fees paid to investors are taken into account.

According to Salomon, there was a fairly even distribution for the transaction between U.S. and European Investors.

It is understood that Is Bank will use the proceeds to finance its efforts to expand at home and abroad.

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