European bank participates in bond program of Turkey’s Doğuş Holding
ISTANBUL
![European bank participates in bond program of Turkey’s Doğuş Holding](http://image.hurimg.com/i/hurriyet/75/0x0/59cb2f9545d2a0568ce21055.jpg)
In a statement on Aug. 1, the EBRD said it was investing 100 million Turkish Lira (24 million euro equivalent) in a four-year 350 million lira (approximately 84.2 million euro equivalent) floating rate note.
The issue is using the Turkish Lira Interbank Offer Rate (TRLIBOR) as a benchmark, allowing for effective interest rate hedging and wider participation by investors, according to the statement.
The EBRD’s participation came under a dedicated framework that has been created to support the widening and deepening of the local currency corporate bond market in Turkey, the bank said.
“The goal is to attract other institutional investors to the market by raising the standards of bonds issued by corporate investors in terms of transparency, disclosure and rating,” it added.
The EBRD is also boosting financial innovation with the promotion of floating rate bonds.
The Doğuş bond is part of a 1 billion lira bond program with which the company is raising funds to expand and consolidate its activities, according to the statement.
The family-owned holding is active in seven sectors: food and beverages, automotive, construction, media, tourism, real estate, media and energy.