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.

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