Turkish mid-sized lender Şekerbank sold the first Turkish covered bond consisting of a three-tranche offering, placed with UniCredit, IFC and Dutch development agency FMO, the bank said.
The bonds have a final legal maturity of 2019 but have differing repayment schedules. The three euro and dollar bonds have been swapped into Turkish Lira and have provided Şekerbank with TKY230m.
The total size of the first tranche of the program will be TKY450m, with the remaining TKY220m expected to be sold to other development agencies after the summer.
The transaction has been backed by a pool consisting of 15,000 SME loans mainly from the Asian side of Turkey.
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