Turkey’s Denizbank is out with a $300 million structured deal consisting of five series, all scoring ‘BBB+(exp)’ from Fitch Ratings. West LB is the arranger. No word yet on whether private-sector investors are potential buyers but one market source said that a multilateral is buying at least a portion of the deal. In an interview with ASR earlier this year, Noel Edison of the European Bank of Reconstruction and Development had indicated that the institution would be funding additional Turkish banks this year via DPR programs following a deal in late 2010 with Garanti Bank.
A source at WestLB declined to comment.