Turkiye Is Bankasi (Isbank) has become the first Turkish bank to garner an underlying investment-grade rating from Standard & Poor's in the public market (see ASR 10/25/04). Led by Standard Chartered, the $500 million transaction is wrapped 50/50 by MBIA and Ambac. S&P gave the deal an underlying rating of BBB-'. The MBIA tranche has a seven-year final maturity and average life of 5.125 years. The Ambac slice has an eight-year final and 5.625-year average.

Due to price Nov. 18, price guidance is 30 to 35 basis points over three-month Libor for the MBIA chunk and 31 to 36 basis points over for the Ambac piece.

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