Garanti preps for euro covereds after green success
After selling a green mortgage-backed covered bond to the International Financial Corporation and the European Bank for Reconstruction and Development (EBRD), Garanti Bank expects to sell its first publicly syndicated euro benchmark.
Garanti Bank issued its first residential mortgage-backed covered bond in early June, privately placing the Turkish lira equivalent of $150m five year notes, rated Baa1 with Moody’s, with the IFC at an undisclosed spread.
Half the proceeds will be used to fund green mortgages. The greenness of the
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