Turkey’s DenizBank has issued €300 million of bonds backed by diversified payment rights (DPRs) through five series of notes via WestLB. The transaction was a club deal, going to multilaterals the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the International Finance Corp. (IFC) and the Deutsche Investitions- und Entwicklungsgesellschaft (DEG). The arranger itself took a piece as well.
The transaction marks Turkey’s first DPR program for 2011, and, according to one market source, DEG's introduction to future flows. The proceeds from EIB and EBRD are going to fund renewable energy-related project financing in Turkey, while IFC and DEG have earmarked their cut for SME and agriculture lending.