ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S. (TGBD), commonly known as Garanti BBVA (BME:BBVA), has completed the sale of a $750 million subordinated note issuance with a 10-year maturity. The transaction, which was initially disclosed on November 22, 2024, marks the successful completion of the bank's efforts to raise funds through debt instruments in the international markets.
The notes, identified by ISIN numbers XS2913414384 and US900148AG22, were sold to investors outside of Turkey. The bank has confirmed the receipt of the funds from this issuance.
Subordinated notes are a type of debt that ranks below other debts should the issuer default. These instruments are often used by financial institutions to bolster their capital structure and are considered riskier than senior debt, reflecting in potentially higher yields for investors.
Garanti BBVA has assured that the information regarding the sale is consistent with the principles included in the Turkish Capital Markets Board's Communiqué, Serial II Nr.15.1, and that the details provided are accurate and in line with the bank's official records.
The completion of this sale demonstrates Garanti BBVA's ability to access international capital markets to enhance its capital base. The bank, one of the largest in Turkey, has a significant presence in the country's banking sector and offers a wide range of financial services to its customers.
While this completion of sale is a significant financial move for Garanti BBVA, the bank's statement also emphasizes that in the event of any discrepancies between the Turkish and English versions of the disclosure, the Turkish version shall prevail.
This announcement was made in a regulatory statement disseminated by EQS Group, with Garanti BBVA solely responsible for its content. The bank's investor relations department is available for further inquiries related to this financial event.
The information in this article is based on a press release statement from Garanti BBVA.
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