Turkiye Garanti Bankasi A.S. Gears Up for Major Borrowing Instruments Issuance

Turkiye Garanti Bankasi A.S. (TGBD), in a move aimed at expanding its financial bandwidth, has announced its results from the Board of Directors meeting held on February 14, 2024. The bank, referencing its public disclosures on February 15 and 16, 2024, has shared its plans to issue bond or other borrowing instruments up to a total of US$6,000,000,000, or its equivalent in Turkish Lira (TL) or any foreign currency. This issuance, which will be composed of different series with varying maturities and interest rates, will take place outside Turkey in one or more phases without public offering.

The decision by the Board is predicated on market conditions, and the bank intends to determine fixed and/or floating interest rates at the time of issuance in accordance with these conditions. Following the announcement, an application was made to the Capital Markets Board (CMB) on February 16, 2024, which has since been approved, as indicated in the CMB’s weekly bulletin numbered 2024/18. Turkiye Garanti Bankasi A.S. ensures the accuracy and completeness of this announcement in line with the Board’s Communiqué, Serial II Nr.15.1.