İşbank set up the Global Medium TermNote
(GMTN) Program in July 2013.
İşbank and its Activities in 2013
İşbank established a Global Medium TermNote (GMTN)
Program.
İşbank established the GMTN Program in July 2013 to gather
all Eurobond issuance processes and conduct future issuances
within the context of a program.
The GMTN Program facilitates the issuances of borrowing
instruments in different currencies and different maturities in
a shorter period of time providing the issuer with flexibility and
diversity. Furthermore, the program allows debt capital market
and private placement issuances.
First Eurobond issue under the framework of GMTN
Program
İşbank completed the first market transaction in October 2013
under the GMTN Program. The Eurobonds issued generated a
demand that was almost seven times the amount issued. The
issue, with a nominal amount of USD 500 million and a maturity
of 5.5 years, carried a 5.500% coupon rate and had a yield of
5.614%.
The second subordinated Eurobond issuance
In December 2013, İşbank completed the second subordinated
Eurobond issuance with a nominal amount of USD 400 million
and a maturity of 10 years, carrying a coupon rate and a yield of
7.85%.
Securitization amounting to EUR 185 million and USD 50
million.
A new securitization transaction amounting to EUR 185 million
and USD 50 million was completed under the securitization
program that İşbank established in 2004 backed by diversified
payment rights. The tranche of the securitization deal
amounting to EUR 50 million was obtained from the European
Bank for Reconstruction and Development (EBRD). EUR 50
million resource obtained from the EBRD, will be used for
financing of energy efficiency and renewable energy projects
within the context of Turkish Mid-size Sustainable Energy
Financing Facility (MidSEFF). The tranche of the securitization
deal obtained from the EBRD, amounting to EUR 50 million has
a maturity of 12 years, while the other tranches have a maturity
of 5 years.
Cooperation between İşbank and PROPARCO: Housing
finance which meets the criteria of energy efficiency
A loan agreement between İşbank and PROPARCO, a subsidiary
of the French Development Agency specialized in private sector
financing, was signed in March, 2013 to finance residential
housing loans for housing projects fulfilling local energy
efficiency criteria in Turkey. The amount of the loan is EUR 50
million with a final maturity of 10 years.
İşbank further strengthened its relations with international
finance institutions through the transactions completed in
2013. The Bank continued to support Turkish economy in
various fields through long term and special purpose loans
provided by the related institutions.
Activities
48
İşbank
Annual Report 2013
