Turkiye Garanti Bankasi A.S. Announces Issuance of Subordinated Eurobond

Turkiye Garanti Bankasi A.S. has announced its plans to issue subordinated eurobonds abroad. The bank has engaged several prominent financial institutions, including Banco Bilbao Vizcaya Argentaria, Merrill Lynch International, and Citigroup Global Markets, to facilitate this issuance. The eurobonds are U.S. dollar-denominated and are Basel III compliant.

The bonds have a nominal amount of USD 700 million, a maturity of 10.5 years with a callable feature after 5.5 years (10.5NC5.5), and a redemption date of April 15, 2036. Investors will receive a fixed coupon rate of 7.625% on this investment. This strategic move aligns with Garanti BBVA's objectives to strengthen its international financial presence.