Turkiye Garanti Bankasi A.S. Gains Approval for Green Debt Issuance

Turkiye Garanti Bankasi A.S. (TGBD) has received approval from the Capital Markets Board (CMB) for its proposed issuance of green and sustainable debt instruments. This significant decision, originally discussed by the Board of Directors on June 6, 2024, permits the bank to issue instruments up to a total of $2 billion or its equivalent in Turkish lira or other currencies. The instruments will be available in several series, featuring different maturities and interest rates in line with market conditions.

The approved debt instruments may include subordinated debt or other forms of equity-related financial products. These will be marketed internationally through private offerings without entering the Turkish domestic market. The process leading to the approval began with an application to the CMB on August 2, 2024, and was confirmed in the CMB's weekly bulletin.