İşbank Obtains USD 250 Million Funding

İşbank has obtained approximately USD 250 million funding through its diversified payment rights securitisation program based on foreign remittance flows.

 

Apart from commercial banks and investors, the European Bank for Reconstruction and Development (EBRD) participated in the transaction as an investor. The deal is rated “BB+” by Fitch Ratings and has 4 distinct tranches with a final maturity of 5 years. Out of the USD 100 million invested by EBRD in the transaction, USD 80 million will be allocated to fulfill the financing needs of companies offering services and products to the earthquake-impacted area, and the remaining USD 20 million will be directed towards financing businesses owned/managed by women.

   

İşbank Deputy CEO Gamze Yalçın underlined the significance of diversified payment rights securitisation transactions as one of the main instruments within the spectrum of international funding sources for Turkish banks, and added: “We have been obtaining long-term funding through securitisation transactions since 2000. While we remain committed to extending financial support to the Turkish economy through our continuing successful securitisation transactions, we will also persist in our efforts to aid in the recovery and development of earthquake-impacted areas and support women’s participation in the economy.”