Sekerbank issues covered bonds worth 800 mln TL

In an effort to support Turkish small- and medium-sized enterprises (SMEs) through loans, Turkish lender Sekerbank has conducted the country's first covered bond issuance. A total of 800 million Turkish Liras covered bonds will be offered by Sekerbank in one- to five-year installments, the bank announced yesterday. The transaction is backed exclusively by loans to SMEs. Sekerbank aims to provide long-term, sustainable financial assistance to around 15,000 SMEs, said Basri Goktan, the bank's chairman.