Sekerbank sells again; others mandated

Turkey’s Sekerbank confirmed that it has sold another tranche of its SME backed covered bond to UniCredit off the same shelf that was inaugurated last year. The placement follows the sale of two tranches to the European Reconstruction and Development Bank and European Investment Bank in December 2011, and comes ahead of an expected sale to another supra-national agency in the near future. The programme’s success has prompted at least three other Turkish banks to mandate UniCredit and set up similar programmes.