USD 1.75BN IN SECURITIZATION FROM VAKIFBANK

Vakifbank issued a new Diversified Payment Rights (DPR) securitization valued at USD 1.75bn within the scope of the DPR securitization program based on future flow transactions, the largest DPR securitization transaction of the banking sector in the country, according to the bank’s statement. The transaction attracted 7 different correspondent banks from across the world with five transactions were carried out in USD terms and two tranches in EUR terms. The cost-effective new international issuance has been obtained with variable maturities between 5 to 7 years. The transaction has been rated as ‘BB+ (Stable)’ by the international credit rating agency Fitch Ratings.