VakifBank surpasses $700M in securitization transaction, attracts international interest

VakifBank has successfully completed a Diversified Payment Rights (DPR) securitization transaction worth $700 million, comprising 350 million euros and $330 million.

According to a bank statement, VakıfBank continues to execute new transactions in various structures and maturities in foreign funding without slowing down.

In the latest six transactions, the bank successfully executed a 5 million euro securitization transaction with at least a 2-year grace period, comprising two tranches in euros and dollars.

This transaction marks the largest directly funded securitization transaction among Turkish banks.

'2 new international banks participated in our securitization transaction'

VakıfBank CEO Abdi Serdar Ustunsalih, commenting on the statement, noted that they swiftly entered 2024 by recently executing a $500 million funding transaction with an international bank for a 3-year term.

Ustunsalih highlighted that this funding is the largest directly funded securitization transaction for Turkish banks.

"A total of six different international investors participated in the transaction under our DPR securitization program with a BB+ rating from Fitch. The interest shown by two new international banks in our transaction, which was not present in previous securitization transactions, clearly indicates the increasing appetite toward our country and Turkish banks," he stated.

Ustunsalih emphasized its numerous international funding transactions.

"As a leading bank in this field, we will continue our efforts to capitalize on the growing opportunities by improving investor perceptions of Türkiye and Turkish banks. We will continue to diversify our funding structure with transactions under different frameworks while closely monitoring the ongoing positive momentum," he stated.

Source: Newsroom