Turkiye Garanti Bankasi A.S. Announces Major Debt Instrument Issuance

Turkiye Garanti Bankasi A.S. (TGBD) has disclosed a significant financial maneuver involving the issuance of debt instruments that may be included in the equity calculation. This action, which took place on April 16, 2024, follows a decision from the Board of Directors on April 4, 2024. The Board has authorized the issuance of bonds, subordinated debts, and other debt forms up to a total of US$6 billion or its equivalent in other currencies.

The debts will feature various series and maturities, with fixed or floating interest rates to be determined based on market conditions at the time of the issuance. Moreover, these instruments will be issued outside Turkey through one or more offerings without a public offering. An application for this issuance has already been submitted to the Capital Markets Board, indicating a strategic move to enhance its capital structure under controlled market conditions.