ISTANBUL – Turkiye Garanti Bankasi (IS:) A.S. (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 had resolved to issue, subject to market conditions, a series of debt instruments up to a total of US$2 billion or its equivalent in Turkish Lira or other foreign currencies. These instruments may include green and/or sustainable bonds, subordinated debts, and other forms of debts that can be included in the equity calculation. They will feature different series and maturities, with fixed and/or floating interest rates determined by market conditions at the time of issuance.
These debt instruments are set to be sold outside Turkey in one or more issuances without public offering. The approval by the CMB was disclosed in the weekly bulletin numbered 2024/59, indicating that the application process initiated on August 2, 2024, has been successfully concluded.
This move by Turkiye Garanti Bankasi A.S. aligns with the growing trend of financial institutions seeking to fund projects with positive environmental and social impacts. The issuance of green and sustainable debt instruments is a part of the broader global effort to support sustainable development and combat climate change.
The bank has assured that the statements made in the public disclosure are in accordance with the principles included in the Board’s Communiqué, Serial II Nr.15.1, and accurately reflect the information received, complying with their records, books, and documents.
The information regarding this approval is based on a press release statement from Garanti BBVA (BME:). The bank has not disclosed specific details about the timing of the issuance or the projects that will be financed with the proceeds from these debt instruments.
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