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News on Covered Bonds: Turkey's maiden Covered Bond issue


Turkey's maiden Covered Bond issue


6 April, 2011: Sekerbank of Turkey is ready for its maiden issue of Euro 200 million Covered Bonds with a five years maturity. The cover pool consists of SME loans, in which the bank is considered to specialize. Issuance will be in four tranches one sold to private investors, one guaranteed by European Investment Fund and other two bought by IFC and Dutch Development Agency FMO. This would also be the first issuance where the cover pool denominated in Turkish Lira would back the foreign currency bonds. The pricing of the bonds is through bookbuilding. Covered Bonds was facilitated by the Capital Markets Board of Turkey in 2007, allowing securitization and covered bonds issuances.

[Reported by: Nidhi Bothra]

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