Kazkommertsbank (KKB) is returning to the structured finance market with a $500 million, 10-year legal final deal consisting of three tranches and three insurers. Merrill Lynch and WestLB are joint leads, and pricing is timed for shortly after April 9. The transaction collateralizes diversified payment rights (DPRs).

As it stands, FGIC is wrapping a $150 million A piece, MBIA is insuring a $250 million B tranche, and the Asian Development Bank is wrapping a $100 million C piece. This marks the first time the multilateral participates. This in a deal for KKB, but the second time it has done so for a Kazakh bank, having wrapped a $100 million tranche in a deal originated by Alliance Bank last November. Thanks to the sureties, each piece of the deal carries triple-A ratings from Moody's Investors Service and Standard & Poor's. The deal's underlying ratings are Baa3' and BBB', respectively, and it is registered as both a Reg S and 144A.

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