Securitisations

Akbank established The ARTS Ltd Securitisation Programme in November 1999
Akbank has utilised Diversified Payment Rights (DPRs) under the ARTS Ltd Securitisation Programme to issue notes and provide fresh funding for the national economy
The bank has issued equivalent of USD 10,2 billion+ under its DPR programme since 1999 in 61 tranches
Current total outstanding amount under the Programme is c. USD 3,5 million in 25 tranches
Future Flow Remittanes included in the securitisations:

Payment Orders Remittances
Workers’ Remittances
Cash Against Goods Remittances
Cash Against Documents Remittances
Letter of Credit Remittances
Chèque Remittances

Main Benefits for the Investors
Mitigation of Sovereign Interference Risk:	DPR transactions substantially mitigate sovereign interference risk (or foreign currency transfer and convertibility risk) in case of financial crisis as Debt is issued abroad; and Cash flows and obligors of the debt are offshore, outside the control and the jurisdiction of the developing country
Potential Hedge Against Economic Downturn in Turkey:	Due to nature of the DPR flows andthe strong correlation with the country’s exports, DPRs tend to be countercyclical, performing strongly even during economic downturns
Piercing of the Sovereign Rating Ceiling:	The off-shore nature of the SPV, the significant levels of overcollateralisation and robust structure allows DPR transactions to achieve a higher rating than the country ceiling DPR transactions issue investment grade rated debt, typically a few notches higher than the sovereign ceiling of the Sponsor’s country Major Turkish DPR transactions benefit from a Fitch rating ranging from A- to BBB+
Strong Originator	Predictable, identifiable cash flows originated through experienced Originators
Performance Protections:	Early amortisation and mandatory repurchase triggers and ongoing performance monitoring Monitoring typically tends to be monthly and provides a granular breakdown of the remittances, and the performance against the transaction triggers/thresholds
Overcollateralisation:	DPR transactions rely on over-collateralisation to provide security to investors Debt Service Coveraage Ratio (DSCR) quantifies the over-collateralisation and is calculated as periodic DPR flows divided by the largest future principal and interest debt payment (Maximum Debt Service) A new issuance would typically require a minimum DSCR of 15x to 20x of the Maximum Debt Service
Strong Track Record:	Existing Turkish DPR Programs benefit from an established track record of strong performance, as demonstrated by high over-collateralisation levels and strong external ratings.

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Securitisations

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