Turkey's export-import bank, Teximbank, is likely to turn to export securitization in an effort to secure cheaper funding than that available in the syndicated loan market, according to sources in Istanbul and London.

The bank is examining a three-year deal worth around $50 million backed by receivables transferred from individual exporters to the bank. The timing of the deal will depend on investor appetite, but if it is successful the bank is hoping to launch a series of similar transactions in 2000 and beyond.

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