Cross-border issuance from Latin America and EEMEA perked up last week, fueled almost exclusively by Turkish banks, with the exception of a lone Mexican ABS. Combined, three bulky transactions from latter-day Asia Minor took total volumes to over $2 billion, according to sources.

The heaviest deal came from Akbank, which placed roughly $1 billion via sole lead WestLB. Some $600 million of the transaction was comprised of three wrapped tranches, all of which priced at 25 basis points over Libor on June 23. MBIA covered $250 million in an A class, Ambac covered $250 million in a B class and XLCA wrapped $100 million in C class notes. The A and C tranches have a seven-year final maturity and average life of 5.1 years, while the B tranche has an eight-year final maturity and 5.6-year average life. The transaction also includes unwrapped tranches and a $250 million private placement, with one or more wrapped components, said a source close to the deal. Pricing details on those pieces were not disclosed at press time. Standard & Poor's and Moody's Investors Service rated the wrapped tranches triple-A.

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