Turkish government-run Vakifbank (VAKBN) has agreed a $500mn collateralised funding transaction with an unnamed international bank, according to a filing from the lender.
The transaction was set under Vakifbank’s diversified payment rights securitisation programme (DPR).
The facility has a final maturity of five years with a grace period of two years.
In March, Vakifbank obtained a $2bn securitisation loan.
In line with local peers, Vakifbank, the second largest bank in Turkey with Turkish lira (TRY) 1.7 trillion ($85bn) of assets at end-2022, has a B-/Negative (one notch below Turkey’s sovereign rating and six notches below investment grade) from Fitch Ratings and a B3/Stable (six notches below investment grade in line with Turkey’s sovereign rating) from Moody’s Investors Service.
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