It has been more than nine months since Sekerbank introduced Turkey to covered bonds, and no one else has followed suit.

At least a couple of other originators are reportedly planning their own deals, but skeptics say the domestic market in non-government bonds is too thin, and the current economics of doing a deal not compelling enough, for a true market to emerge anytime soon.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.