Garanti BBVA Announces Issuance of Subordinated Notes in US Dollars

Turkiye Garanti Bankasi A.S. (TGBD), better known as Garanti BBVA, revealed on February 22, 2024, its intention to issue subordinated notes denominated in US dollars. As part of this operation, the bank has partnered with several renowned financial institutions, including BBVA, BofA Securities, ING, Mashreq, Morgan Stanley, and Standard Chartered Bank.

The planned issuance will include notes with a nominal amount of 500 million USD, maturing in 10NC5 and with a repayment date on February 28, 2034. These notes, compliant with Basel III, will offer a coupon rate of 8.375%. This initiative aims to attract individuals and legal entities residing outside of Turkey.

Garanti BBVA emphasizes the alignment of this announcement with the principles of the Board’s Communiqué, Serial II Nr.15.1, ensuring the reliability and completeness of the disclosed information.