Participants at last week's Global ABS conference held in Barcelona looked east, as a handful of panelists tackled the country of Turkey. ASR's Felipe Ossa caught up with one of them, XLCA Managing Director David Stortz, to chat about this fertile corner of the future-flows world and whether onshore existing assets will soon surface there. The conversation also touched on Russia, where onshore existing assets have blossomed, but have yet to bring monoline insurers to roost.
In step with its rivals, XLCA has a firm foothold in Turkey. Earlier this year, it wrapped a $250 million slice of a deal for the bank Yapi Kredi. The transaction collateralized diversified payment rights (DPRs), which, along with credit cards, have been the only viable asset class in the country over the past few years. In 2005, XLCA took on $950 million in Turkish exposure.