With the field of active bond insurers having thinned out and credit spreads still blown out, leading Turkish banks have yet to revive their structured finance programs.

But they have the luxury of waiting, as the likes of Akbank, Denizbank, Turkiye Garanti Bankasi, Turkiye Is Bankasi, Yapi ve Kredi Bankasi and Turkiye Vakiflar Bankasi generally enjoy a reliable deposit base. What's more, they've built a cushion from borrowings of the last few years.

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