Turkey’s Turkiye Garanti Bankasi (Garantibank) has issued a $225 million bond backed by diversified payment rights (DPRs) and due in 2013 in order to refinance a bond with the same maturity date and issued for $250 million in 2005.

The originator decided to retire the paper in order to dump the wrap, which was from Syncora Guarantee, formerly XLCA. Garantibank had been in talks with the insurer to cleanly unwrap the transaction without pre-paying and placing an identical bond with the same investors, said a source at the originator. Syncora, he added, “was uncooperative.”

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.