Last week, Turkey's Garantibank priced a five-tranche $600 million deal backed by diversified payment rights, with the previously undisclosed participation of Radian Group in the upsized deal (see ASR 9/26/05). The monoline had until now kept its participation in emerging markets below the radar. "Most of [its] transactions in this space have been private," said Anne Laudon, senior vice president at Radian. The monoline also reinsured emerging-market deals, she added. So far, Radian has focused on DPR deals in Brazil and Turkey, but Laudon said the monoline was open to other markets, though nothing specific was on the agenda.
Meanwhile, Brazil's Unibanco, closed a $200 million private deal. Wrapped by FGIC, the deal is being billed as the first stand-by facility with a term DPR option in Brazil. "Banks in Brazil are very liquid right now, but Unibanco wants this in place" for future funding, said a source familiar with the bank. The facility enables Unibanco to tap funding backed by DPRs during a two-year revolving period, according to the source. Moody's Investors Service and Standard & Poor's rated the deal triple-A. Sumitomo Mitsui Banking Corporation was the structurer, with unit SMBC Securities acting as placement agent.