VakifBank opens the market for Turkey

Monday March 11, 2002

In a year when investors have a seemingly zealous appetite for Turkish deals, VakifBank has tapped the market with a $200 million diversified payment rights transaction led by West LB, marking the second of its kind from the bank in just seven months….

There are seven different types of cash flows involved in the transaction, including letters of credit, cash against goods, worker remittances, cash against documents, MT100s, checks and advanced payments. The cash flows, from ten various countries, including Europe and the United States, are sold to an offshore special purpose vehicle located in Jersey. Deutsche Bank International Offshore [sic Deutsche International Trust Corporation (CI) Limited] is the offshore SPV service provider who manages all of West LBs offshore SPVs in Jersey. Additionally, 32 different correspondent banks sign a notice of sale and acknowledgement.

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