Russia's Alfa Bank is on tour again with a euro/dollar deal backed by diversified payment rights (DPRs). Dresdner Kleinwort Wasserstein and Merrill Lynch are joint leads, reprising their roles from the last DPR paper from Alfa in December. The deal now in the market consists of a euro and a dollar tranche. Each will be sized at between $300 million and $500 million in dollars or euros. The legal final is five years, the average life, 3.12 years.

Going unwrapped, the transaction is entering a European structured market where spreads have held steady in the teeth of turbulence. The deal's pricing could hinge on the degree to which investors see it as an ABS play or as emerging market paper. The former approach would probably put less pressure on the spreads than the latter one. The deal is also being sold in the U.S. market as a 144A.

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