Sekerbank issues Turkey's first asset-backed security to support SMEs

ISTANBUL (A.A) - July 26, 2011 - Sekerbank, one of Turkey's leading banks, issued Tuesday the country's first asset-backed security to support activities of small and medium sized enterprises.
The 800 million Turkish lira (approximately 467 million USD) worth issuance, offered in 1 to 5 year installments, aims at providing long-term and sustainable financial assistance to at least 15,000 SMEs in Turkey until the year 2014, officials told a press conference on Tuesday.
The first phase of the issuance, in which International Finance Corporation (IFC), the Netherlands Development Finance Company (FMO) and UniCredit Bank AG were the investors, totaled 250 million TL (nearly 146 million USD).
Sekerbank's issuance is the first transaction after the entry into effect of a 2007-dated regulation on asset-backed securities released by Capital Markets Board of Turkey (SPK).