Emerging Market Deal Of The Year
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Emerging Market Deal Of The Year

BTA DPR Finance

BTA DPR Finance

 

 Tim Veith

The $750 million transaction from JSC Bank TuranAlem won plaudits not only for being the largest diversified payments rights securitization in Kazakhstan, but also for coming to market at a time when investors were running for cover. The deal closed in October last year, mere months after the market was thrown into turmoil. BTA DPR Finance also paved the way for future deals of its kind. Because the DPR structure mitigates the originator’s credit risk as well as currency risk, the transactions are more resistant in times of crisis, which may encourage issuers to choose them in tumultuous conditions to get investors on board, according to one London ABS structurer. “Deals like this mitigate local sovereign interference by trapping hard currency cash flows off-shore. In this case, it is U.S. dollars in a Cayman Island vehicle, so the tap can be turned off outside the country if need be,” he said.

Standard Chartered, ABN AMRO and JPMorgan structured the deal. Standard Chartered Bank and ABN AMRO were the joint bookrunners. Nicholas Winther was the lead banker at Standard Chartered and Tim Veith provided leadership at ABN AMRO.

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