Last year, Turkey turned the landscape of offshore future flows into its virtual fiefdom. Now Turkish issuers appear to be marching on to existing onshore assets. So far, the sector is just talk but a pipeline is building, according to sources. What's motivating originators is a newfound and fast-rising appetite for Turkish lira funding, a growing securitizable pool, and arrangers that have become familiar with the local terrain via their experience on deals backed by diversified payment rights and offshore credit card receivables.

"[Turkish companies] are looking to free up capital and find potentially cheaper forms of funding," said Chris Such, a director with Standard & Poor's. "It's about capital efficiency as well and looking at Basel II in terms of balance sheet management."

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