Four months after Yapi ve Kredi was heard buzzing about a potential securitization (ASR, 7/31/06), the Turkish Bank is launching a roughly $750 million, 5.5-year deal backed by diversified payment rights (DPRs). Led by Standard Chartered and HVB, the deal from this ABS neophyte is split into four tranches, each wrapped by a different monoline, according to sources.

Ambac is wrapping a 200 million tranche; MBIA, a $200 million piece; Radian, $115 million; and Assured Guaranty, $175 million. Monoline insurers have teamed up before in Turkish DPR transactions.

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