BTA Ipoteka (BTAI), a wholly-owned unit of Kazakhstan's Bank TuranAlem, went on roadshow last week with the country's first public RMBS. Led by ABN AMRO, the deal comes off a warehousing facility funded by one of the arranger's conduits. (ASR, 2/27/06). Pricing is timed for the end of March, according to a source familiar with the transaction.

As it stands, the deal is split into three tranches, all with 22-year legal finals. A $130.5 million A tranche is rated A-' and A3' by Fitch Ratings and Moody's Investors Service, respectively; a $12 million B piece is rated BBB' and Baa2'; and a $7.5 million C piece is rated BB' and Ba2', according to the source.

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