European bank invests $5.2 million in top Turkish supermarket chain Migros

Uncategorized Faizah Kamal 24-Dec-2019

The European Bank for Reconstruction and Development has invested 30.8 million Turkish lira ($5.2 million) in lira-denominated bonds of a top Turkish supermarket chain, Migros.

“The new Turkish lira-denominated bond will be listed on Borsa Istanbul and its proceeds will reduce the company’s foreign currency exposure,” the bank announced on December 23.

The total volume of bond issuance was 200 million Turkish liras ($33.6 million).

“The new issuance represents the fourth time the company is tapping into debt capital markets in Turkey and builds on the success of previous bonds in 2018 and early 2019, which were also backed by the EBRD,” the bank added.