Two months after its structured finance debut, Turkey's Yapi ve Kredi (YKB) is ready for an encore. Via leads Standard Chartered and HVB, the bank is bringing to market a mixed euro/dollar placement backed by diversified payment rights (DPRs) and slated for issuance by the end of the month, according to a source close to the deal.
Reg-S registered, the transaction is structurally a carbon copy of the original, with the only material difference being the participating monolines and HVB, which didn't arrange the prior deal. FGIC has wrapped an A tranche totaling 115 million ($151 million), while XLCA covered a B tranche for $250 million. Legal final is eight years. The deal's ratings mirror those of the monolines, triple-A from Moody's Investors Service and Standard & Poor's alike. Underlying ratings stand at Baa2' and BBB-', respectively.