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.

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