Turkey issues asset-backed securities worth 3.2 bln liras

Turkey issues asset-backed securities worth 3.2 bln liras

ANKARA
Turkey issues asset-backed securities worth 3.2 bln liras

Turkey has issued an asset-backed security worth 3.15 billion Turkish Liras ($590 million), the country’s Treasury and Finance Ministry said in a statement on Dec. 7.

The security had a five-year maturity and a fixed-coupon payment of three months, the ministry said, adding that 118 investors had submitted bids in the issuance.

The deal was arranged by the Asset Finance Fund of Türkiye Kalkınma ve Yatırım Bankası (Development and Investment Bank of Turkey).

The investors included banks, pension funds, investment institutions, and insurance companies, according to the statement.

The deal was 2.43 times oversubscribed, the statement added.

This was the largest asset-backed security issuance ever by Turkey, the ministry also said.

The assed-backed securities are rated “AAA,” the highest investment grade, by Japanese ratings agency, according to the statement.

Treasury and Finance Ministry, Turkish economy, Assets, securities