White & Case has won an EMEA Finance Achievement Award for its work on Şekerbank's bond issuance, with the transaction being named as Best Covered Bond by the magazine.
In July 2011, White & Case represented UniCredit Bank AG, London Branch, as arranger on a new €335 million Turkish covered bond programme for Şekerbank T.A.Ş. and its initial issuance - the first ever covered bond programme in the Turkish market.
"The transaction represented many significant firsts within the bond market, as it was not only the first Turkish covered bond ever issued, but it was also the first ever structured finance deal in Turkey backed by existing balance sheet assets, and globally the first covered bond backed by SME receivables," said White & Case partner David Barwise, who led the transaction.
With both local issuers and the Turkish Capital Markets Board taking interest in the transaction, this groundbreaking issuance will serve as a model for replication in other countries in Europe, the Middle East and North Africa.