Turkey’s Vakifbank has completed an exchange offer to strip the wraps off tranches in its program backed by diversified payment rights (DPRs). Overall, the bank exchanged nearly 72% of the volume of the tranches on offer, with a Radian-covered tranche the only one to be retired in full. Some $549 million was offered and $394 million exchanged. Full results are attached. Standard Bank handled the deal.

This exercise follows similar exchanges by Turkey’s Yapi Kredi last month and Banco de Credito del Peru in June. Some DPR deals have been dewrapped privately, with the originator dealing directly with a single or small group of investors.

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