A lot of investors got a piece of Turkey in the second quarter. The country's largest banks produced about $3.05 billion in deals, a gargantuan size in a market where several million from a single issuer used to impress. The volume of transactions - all backed by diversified payment rights (DPR) - dwarfed the handful of deals that popped out of Latin America, where activity centered on a novel transaction from Mexico, a couple of usual suspects in Brazil and a Panamanian toll road.

While Turkey is unlikely to replicate the sheer volume of 2Q05, signs point to activity ahead. The country's economy, for one, is growing briskly, which will continue to stoke demand for banking services, a key ingredient in the recent issuance frenzy. "There was an appetite among Turkish banks to satisfy more demand from borrowers within Turkey," said David McCaig, managing director at WestLB. The International Monetary Fund projects GDP growth in Turkey of 5% for both 2005 and 2006.

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