Istanbul Metropolitan Municipality completes green bond issuance abroad with $715 million in borrowing

Istanbul Metropolitan Municipality (IMM) has completed its five-year maturity dollar-denominated green bond issuance abroad with $715 million in borrowing.

According to a Reuters report, the issuance, which matures on December 6, 2028, received more than $2.5 billion in demand. The final yield of the bond, for which the initial yield expectation was announced at the 11 percent level, was 10.5 percent.

IMM had received permission from the regulatory authority last week to issue bonds abroad for an amount of up to $715 million.