In the face of currency devaluation and a turbulent economy, Akbank, a top Turkish bank, is rumored to be in the market with a $100 million future-flow credit card- receivables deal that will hit the tape this week. Sources say, similar deals are in the pipeline.
Bank of America will arrange the transaction and MBIA will wrap the deal. The deal has been quiet as a result of competition. Turkey is currently rated single-B by Standard and Poor's and B1 by Moody's Investors Service.