VakıfBank's external funding move: Over 700 million dollars

According to the statement made by VakıfBank, the bank continues to accelerate its efforts to carry out new transactions with different structures and maturities in terms of international funding. In its latest transaction, the bank successfully completed a securitization deal consisting of two tranches—euro and dollar—with a total maturity of 5 years, including a grace period of at least 2 years. This transaction became the largest securitization deal carried out in the form of direct funding among Turkish banks.

"AN INDICATOR OF THE GROWING APPETITE FOR TURKISH BANKS"

In the statement, VakıfBank General Manager Abdi Serdar Üstünsalih noted that they had a fast start to 2024 by recently completing a 500 million dollar, 3-year funding transaction with an international bank.

Stating that this funding holds the distinction of being the largest securitization transaction carried out in the form of direct funding among Turkish banks, Üstünsalih said, "A total of 6 different international investors participated in the transaction we carried out under our DPR securitization program, which has a BB+ rating from the rating agency Fitch. The fact that two new international banks, which were not involved in our previous securitization transactions, showed interest in our deal is a clear indicator of the growing appetite for our country and Turkish banks."

Pointing out that they have carried out many transactions in the international funding arena, Üstünsalih added, "As a leading bank in this field, we will continue our efforts to evaluate the increasing opportunities as investor perception toward Turkey and Turkish banks improves. By closely following the ongoing positive momentum, we will continue to diversify our funding structure with transactions we will carry out under different structures."

News Source: 12punto