ISTANBUL – Turkey Garanti Bankasi (IS:) AS (TGBD) has received approval from the Capital Markets Board (CMB) to issue green and sustainable debt instruments. The approval, announced on December 27, 2024, follows the bank’s earlier statements on June 6 and August 2, 2024 regarding its intention to issue debt instruments.
The bank’s board of directors has decided to issue, subject to market conditions, a series of debt instruments up to a total of US$2 billion or the equivalent in Turkish lira or other foreign currencies. These instruments may include green and/or sustainable bonds, subordinated debt and other forms of debt that can be included in the capital calculation. They will have different series and maturities, with fixed and/or variable interest rates determined by market conditions at the time of issue.
These debt instruments are sold outside Turkey in one or more issues without a public offering. The CMB’s approval was published in the weekly bulletin number 2024/59, indicating that the application process started on August 2, 2024 was successfully completed.
This move by Turkiye Garanti Bankasi AS is in line with the growing trend of financial institutions that want to finance projects with a positive impact on the environment and society. The issuance of green and sustainable debt instruments is part of a broader global effort to support sustainable development and the fight against climate change.
The Bank warrants that the statements made in the public announcement are in accordance with the principles included in the Board’s communication, Serial II Nr.15.1, and that they accurately reflect the information received, in accordance with their records, books and documents.
The information about this approval is based on the Garanti BBVA (BME:) press release. The bank did not disclose specific details about the timing of the issuance or the projects that will be financed with the proceeds of these debt instruments.
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