Garanti still on track for mortgage covered bonds despite soured market

By Joseph McDevitt
11 Jul 2013

Turkey’s Garanti Bank is still looking at the possibility of issuing mortgage backed covered bonds, although the market backdrop has soured since it started. The bank’s board has approved issuance of up to €1bn and a recent rise in spreads could help bring in new accounts, an official told EuroWeek.

“Our mortgage pool has reached a good volume and Turkey’s rating upgrades have helped improve demand,” said a Garanti Bank official. “Market sentiment was very strong at the start of the year and we decided to look more closely at the possibility of mortgage covered bonds.”

Garanti informed ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial