Kazakhstan's largest commercial bank, Kazkommerstbank, closed its first public deal backed by diversified payments rights last Thursday. The originator issued a $200 million, seven-year tranche wrapped by Ambac, with a spread of 29 basis points over three month Libor, according to a source close to the deal. Two unwrapped seven-year tranches of $50 million apiece were privately placed. JPMorgan Securities and WestLB jointly led the wrapped portion, while WestLB was sole arranger on the unwrapped pieces. Mayer, Brown, Rowe & Maw provided legal counsel to the originator, while White & Case advised the leads. The next cross-border securitizatoin from the region will likely come from Turkiye Is Bankasi (Isbank), which is in the market with a credit card-backed deal (ASR 12/5/05).

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