Emerging Market Deal Of The Year

BTA DPR Finance

  • 06 Oct 2008
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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 CaymanIsland 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 Bankand ABN AMRO were the joint bookrunners. Nicholas Winther was the lead banker at Standard Chartered and Tim Veith provided leadership at ABN AMRO.
  • 06 Oct 2008

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 20,542.69 67 10.85%
2 JPMorgan 18,820.53 50 9.94%
3 Bank of America Merrill Lynch 17,976.22 56 9.49%
4 Wells Fargo Securities 16,568.24 48 8.75%
5 Barclays 13,499.53 45 7.13%