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Türk Ekonomi Bankas? (TEB) successfully carried out an international bond issue totaling $400 million. The international bond issuance attracted significant attention from more than 150 global investors, setting a new record with demand exceeding $2.9 billion, exceeding the issuance amount by more than 7 times. This transaction marks the first TEB issuance in international capital markets and is the largest oversubscription for any Turkish conventional issuer since January 2020.
ISTANBUL, Jan. 11, 2024 /PRNewswire/ — TEB’s subordinated bond issuance was led by prominent financial institutions, including Abu Dhabi Commercial Bank, Citibank, HSBC, Emirates NBD, BNP Paribas and Standard Chartered Bank. The rate of return on the issue, with a maturity of ten years and a call option exercisable in the fifth year, was 9.375 percent. The considerable interest shown by international investors in the bond issuance served as a notable indicator of confidence in both the Turkish financial market and TEB, and achieved our goal of internationally diversifying our investor base.
Leblebici: “We are proud to generate significant interest, a testament to our position as a strong and reliable bank.”
Commenting on TEB’s first subordinated bond issuance, TEB CEO Ümit Leblebici said: “We received strong demand from foreign investors for our bond issuance. In our first subordinated bond issuance to foreign investors in the markets of international capital, we are proud to generate significant interest, a testament to our position as a strong and reliable bank. We remain committed to constant growth in line with our strategy of diversifying the financing structure and expanding medium and long-term debt instruments term.”
Stating that they met with international investment companies, Leblebici added: “The Basel III bond issuance worth $400 million executed by our Bank witnessed unprecedented demand, exceeding $2.9 billion and well distributed. among foreign investors. The substantial interest shown in the transaction is also important in terms of the trust placed in both our economy and our Bank. In 2024, when we celebrate our 97th anniversary, we will persist in our efforts to secure medium-profitable funds long term.”
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