One of the most reliable suppliers of future flow volumes last year is back. After hitting up investors for over $1.4 billion in 2005, Turkiye Garanti Bankasi closed a 300 million transaction backed by diversified payment rights (DPRs) May 9 via Dresdner Kleinwort Wasserstein. Pricing came to 17 basis points over three-month Euribor for the five-year final transaction, according to a source familiar with the deal. Moody's Investors Service and Standard & Poor's rated the deal triple-A on the strength of a wrap provided by MBIA.

The underlying ratings are Baa2' and BBB-', respectively. Two months ago, Moody's upgraded the unwrapped and underlying ratings of deals backed by DPRs that have Garantibank and its peers Turkiye Is Bankasi and Akbank as originators. Moody's and S&P rate Garanti B1'and BB-' on a foreign currency, unsecured basis.

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