Istanbul-listed Yapi Kredi Bank obtains $1bn securitisation loan

By bne IntelIiNews October 17, 2023

Yapi Kredi Bank (YKBNK), a unit of Turkish conglomerate Koc Holding (KCHOL), has obtained a $1bn loan based on future flows under its diversified payment rights securitisation programme (DPR), the bank said on October 13.

The facility includes $714mn and €100mn tranches obtained from six different investors, together with treasury financing transactions, with maturities varying between five and eight years.

Additionally, a $175mn loan with a maturity of five years was obtained from two investors.

About $310mn of the proceeds will be dedicated to support sustainable assets. Of that sum, around $203mn was obtained from international finance corporations and sustainable funds.

In line with local peers, Yapi Kredi, the seventh largest bank in Turkey with Turkish lira (TRY) 1.4 trillion ($51bn) of total assets at end-June, has a B-/Stable (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.

In 2022, Yapi Kredi obtained a €127mn six-year securitisation loan.

In August, government-run Vakifbank (VAKBN) obtained a $500mn securitisation loan with a maturity of five years and a grace period of two years.

Related Articles

Istanbul-listed Akbank’s CEO sees deposit rates as high enough

The deposit rates offered by banks in Turkey are high enough to encourage customers to switch from FX to Turkish lira, Bloomberg ... more

Gunman holding US firm staff hostage at Turkish factory in Gaza war protest

A hostage situation has developed at a plant of US firm Procter & Gamble (P&G) outside Istanbul where an unidentified gunman with his face covered with a Palestinian scarf—and shown by a ... more