Recent volatility in emerging markets, inflamed by anxiety over rising interest rates, has rattled Turkey with particular ferocity. Since the beginning of May, the Turkish lira has lost nearly a fourth of its value against the dollar, benchmark bonds have gapped out by several hundred basis points, and the government has scrambled to shore up the currency by selling dollars, a move that has met some success.

In these choppy waters, Turkiye Vakiflar Bankasi (Vakifbank) launched an $815 million deal backed by diversified payment rights (DPRs) and instead of foundering, took on another $100 million in an unwrapped tranche. Led by WestLB and Standard Chartered, the transaction closed on June 29.

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