Akbank confirms DPR securitisation

Published: August 17, 2010

US$860mn deal is EMEA region’s first since last year.

Turkey’s Akbank has secured the first diversified payment rights (DPR) securitisation funding in the EMEA region since 2009.

The deal was execute under the bank’s securitisation programme, backed by foreign export receivables, cheques/notes receivables and FX transfers. It totals US$860mn, US$300mn of which is new funding and US$560mn of which is refinancing of existing loans.

The new funding has an average maturity of 5.8 years and was obtained from Standard Chartered, WestLB, Wells Fargo, the European Investment Bank (EIB) and International Finance Corporation (IFC).

The deal takes Akbank’s total long-term maturity funding, secured in 28 separate tranches since 1999, to US$4.7bn.