Last month, Turkey's Sekerbank debuted the country's first covered bond, backed by SME loans as collateral. The TL230 million ($135 million), 8-year final deal was purchased by Dutch Development Bank the FMO, which took a €25-million equivalent tranche; the International Finance Corp. ($25 million) and sole arranger Unicredit (€50 million).

All three investors have already signed off on the bond, rated a provisional '(P)A3' by Moody's Investors Service. It will formally close once the Capital Markets Board of Turkey has given its formal approval, expected within two weeks.

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