A $97.25 million credit card securitisation has been finalised by Garanti Bankasi. The seven-year financing was structured by Citicorp Securities, and placed by Citibank.
The oversubscribed transaction involves a securitisation of Garanti's future US dollar receivables due from Visa International.
Europay International, and MasterCard International. Certificates carrying a fixed rate of interest were issued from a US trust in a private placement with institutional investors, including life insurance companies and pension funds, in the US and Japan. The certificates carry an 'A' assessment from US ratings agency Duff & Phelps.
The yield to investors is 2.4 per cent over the five-year US Treasury rate, or the equivalent of 7.83 per cent annually. The final maturity of the transaction is seven years, with a five-year average life, and including a one-year grace period in the repayment of principal.
This is the second such financing concluded by Garanti, and represents the only securitisation originating from Turkey brought successfully to the
You might also like...
Iraq signs deal to develop the Akkas gas field
25 April 2024
Emaar appoints beachfront project contractor
25 April 2024
Acwa Power signs $356m Barka extension
25 April 2024
AD Ports secures Angola port concession agreement
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.