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FSA Guarantees Isbank DPR Financing
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES, CANADA OR JAPAN
London, July 5, 2006 - Financial Security Assurance Inc. (FSA) has guaranteed US$250 million of 8-year final maturity floating rate notes secured by dollar, sterling and euro diversified payment rights (DPRs) of Türkiye Iş Bankasi A.Ş. (Isbank), the largest private-sector bank in Turkey. The notes, which were sold privately, represent two tranches (Series 2006-B and 2006-C) of the five in the latest issuance by TIB Diversified Payment Rights Finance Company. WestLB AG, ING Bank N.V. and Dresdner Kleinwort acted as lead arrangers for the five tranches, which totaled $800 million.
"In addition to supporting Isbank's balance sheet objectives, this transaction confirms the importance and growth of securitization in new and developing markets throughout the world," said FSA director Robert Carney.
The FSA-insured debt is rated Triple-A based on FSA's guaranty of timely payment of principal and interest as scheduled. The existing and future customer payment orders serving as collateral are related primarily to exports, worker remittances and tourism and have been sold to a special purpose vehicle located in the Cayman Islands.
About FSA
Financial Security Assurance Holdings Ltd. (FSA Holdings) is a New York-headquartered holding company whose subsidiaries provide financial guarantees in both the public and private sectors around the world. Its principal operating subsidiary, Financial Security Assurance Inc., is a leading guarantor of municipal bonds, infrastructure financings and asset-backed securities. Financial Security Assurance (U.K.) Limited is a U.K.-licensed subsidiary of Financial Security Assurance Inc. Guarantees issued by these subsidiaries carry the highest ratings available, from Fitch Ratings, Moody's Investors Service, Inc., Standard & Poor's Ratings Services and Rating and Investment Information, Inc. FSA Holdings is a member of the Dexia group, the world leader in public finance. For additional information, visit www.fsa.com.
THIS PRESS RELEASE IS NOT AN OFFER FOR SALE IN THE UNITED STATES. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933