In January 2000, Turkish leasing company Garanti Leasing became the Wrst entity to beneWt from securitizing Turkish domestic assets.
A $43 million transaction securitized future receivables from equipment leases and provided Garanti Leasing with the equivalent of a $51.4 million loan from the International Finance Corporation. In times of tough competition from European high-yield issuers and investors’ concerns hanging over from the Russian crisis, the ability of an emerging-market corporate to raise such amounts is noteworthy.
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