Yapı Kredi Obtained US$400 million Equivalent of Financing Through DPR Securitization, Setting a New Benchmark In Terms of Achieving Tightest Spreads
Yapı Kredi obtained US$400 million equivalent of financing within the framework of its DPR (Diversified Payment Rights) securitization program based on future flows and export receivables, arranged on a joint lead basis by Standard Chartered Bank and UniCredit Markets & Investment Banking, acting through Bayerische Hypo- und Vereinsbank AG. The proceeds of the financing entered into Yapı Kredi’s accounts on 1 March 2007.
The financing composed of 2 tranches. Both the first €115 million tranche and the second US$250 million tranche have maturities of 8 years. Monoline guarantees were provided by Financial Guaranty Insurance Company (“FGIC”) for the €115 million tranche and by XL Capital Assurance Inc. (“XL”) for the US$250 million tranche. With the provided funding, the fifth tranche of US$310 million which has maturity of 5 years has been repaid.
The details of the transaction are outlined in the table below:
| Series |
Amount |
S&P/Moody's |
Monoline |
Maturity |
Average Life |
Coupon |
| 2007-A |
€115 million |
AAA/ Aaa |
FGIC |
2015 |
5.6 years |
3m€ + 18 |
| 2007-B |
US$250 million |
AAA/ Aaa |
XL |
2015 |
5.6 years |
3mL + 19 |
With this 2007 Issue through its DPR programme, Yapı Kredi set a new benchmark by achieving the tightest capital markets pricing for any DPR securitization transaction, following significant oversubscription. Yapı Kredi’s 2006 Issue was the largest DPR securitization transaction (US$1.2 billion) completed to date globally and the single largest issuance into the international debt capital markets by a non-governmental entity out of Turkey.
Comprising the 2007 Issue, Yapı Kredi currently has US$1.29 billion outstanding under its DPR programme.
İstanbul, 2 March 2007.
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 02 Mar 2007