Assured Guaranty Corp. Guarantees Diversified Payment Rights Transaction for
Türkiye Garanti Bankası A.Ş.
NEW YORK -- May 14, 2014
Assured Guaranty Corp. (AGC), a subsidiary of Assured Guaranty Ltd. (together
with its subsidiaries, Assured Guaranty), has guaranteed the 2014-C notes
issued by Garanti Diversified Payment Rights Finance Company. This transaction
denotes renewed interest from issuers and investors in Assured Guaranty
wrapped asset-backed securities (ABS). The Garanti transaction is Assured
Guaranty’s first diversified payment rights (DPR) transaction in Turkey since
The 2014-C notes are backed by future dollar, euro and pound-denominated
remittances due to Türkiye Garanti Bankası A.Ş. (Garanti) from various U.S.
and European correspondent banks. Garanti is the second largest private bank
in Turkey and provides services in all business lines including payment
systems, retail, commercial, corporate, private and investment banking. AGC
guaranteed the entire $200 million of 2014-C notes issued. "We are pleased to
once again partner with Assured Guaranty on our DPR program in order to
achieve an efficient and cost-effective execution," said Ozlem Gokceimam,
Garanti Manager and Head of Structured Finance, Financial Institutions.
“Garanti has a strong export finance and remittance processing platform and a
loyal customer base,” said Paul Livingstone, Assured Guaranty Senior Managing
Director, Structured Finance. “Our insurance both increased the demand and
improved capital efficiency for the transaction.”
Assured Guaranty's Structured Finance team plans to participate in additional
primary and secondary market DPR transactions in Turkey as well as Latin
America and other emerging markets. In addition to DPR and other future flow
transactions, AGC is active in the consumer and commercial ABS space in the
equipment, subprime auto, consumer loan, timeshare and aircraft sectors, among
AGC is a Maryland-domiciled insurance company regulated by the Maryland
Insurance Administration and licensed to conduct financial guaranty insurance
business in all 50 states of the United States, the District of Columbia and
Puerto Rico. AGC commenced operations in 1988. AGC is a wholly owned, indirect
subsidiary of Assured Guaranty Ltd. (AGL), a Bermuda-based holding company
whose shares are publicly traded and are listed on the New York Stock Exchange
under the symbol AGO. AGL, through its operating subsidiaries, provides credit
enhancement products to the U.S. and global public finance, infrastructure
finance and structured finance markets.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release reflect the current
views of Assured Guaranty Ltd. (together with its subsidiaries, Assured
Guaranty) with respect to future events and financial performance and are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties that may
cause actual results to differ materially from those set forth in these
statements, including statements about the demand for Assured Guaranty’s
financial guaranty insurance and the sectors of the market in which it may
participate. Readers should also consider the other risk factors contained in
Assured Guaranty's filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which are made as of May 14, 2014, and Assured Guaranty undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by law.
Assured Guaranty Ltd.
Robert Tucker, 212-339-0861
Managing Director, Investor Relations and Corporate Communications
Ashweeta Durani, 212-408-6042
Vice President, Corporate Communications
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