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had a nominal value of US$ 500 million with
a five year maturity corresponding to October
31, 2018 as its maturity date. The bond was
priced with a 5.149% rate of return and
coupon rate set at 5% with semi-annual fixed
coupon payments. This eurobond issues was
oversubscribed about 13 times and became
the most demanded bond issue in Turkey
excluding the bond issues made by the Turkish
Treasury. Thanks to high investor demand, the
transaction was closed at Mid-Swap +370 bps,
30 bps below the opening price.
Strong interest from Asian investors for
private placements of bonds issues
Within the context of the GMTN Program, 25
private placements have been issued since
June 2013 with nine separate banks. Private
placement transactions amounting to an
equivalent of US$ 762 million were in various
currencies (US dollars, euros and Swiss francs)
and maturities (three, six and twelve months).
The vast majority of transactions were made
to Asian investors, investing in Turkey for the
first time.
100% rolled-over syndicated loans
In April 2013, VakıfBank secured an equivalent
of a US$ 980 million one-year syndicated loan
consisting two tranches of US$ 251.5 million
and EUR 555.17 million with the participation
of 38 banks. The total cost of the loan secured
for use in the financing of foreign trade was
Libor/Euribor + 1.00%. In the second half of
2013, with the participation of 27 banks, the
Bank secured another one-year syndicated loan
facility amounting to US$ 802 million with two
tranches of US$ 151 million and EUR 471 million
at Libor/Euribor + 0.75%. With these transactions,
the Bank obtained a total of US$ 1.78 billion in
syndicated loans in 2013.
By the year-end, VakıfBank’s securitization
loan portfolio amounted to approximately US$
590 million. The Bank contributes to Turkey’s
sustainable growth by making its securitization
loans with maturities up to 12 years available, to
be used for the long-term financing of the real
economy.
Supporting the real sector with bilateral
agreements
VakıfBank continues collaborating with the
European Investment Bank (EIB), the World Bank
and the European Bank for Reconstruction and
Development (EBRD) to provide long-term, low-
cost funding to the real economy. In 2013, the
SME Energy Efficiency Project was signed with the
World Bank; within the scope of the project, US$
67 million will be allocated to VakıfBank.
As a bank that disbursed the first loan and most
energy efficiency loans among the participating
banks, VakıfBank was honored for the TurSEFF
project, carried out by the European Bank for
Reconstruction and Development jointly with five
banks toward small and medium-size companies.
As a continuation of the TurSEFF project, the
TurSEFF-II loan was signed with the European
Bank for Reconstruction and Development; US$
80 million was allocated to VakıfBank. In addition,
the European Investment Bank contributed to the
same project through a co-financing mechanism
and allocated funds amounting to EUR 50 million
to VakıfBank. Of the loans amounting to EUR 50
million granted from the same institution within
the Greater Anatolia Guarantee Facility (GAGF-
II) project in 2011, an additional limit of EUR 25
million was allocated. The second tranche of this
FOREIGN TRADE AND
CORRESPONDENT BANKING
Structured Finance
The Bank that established Turkey’s first
bond issue program
VakıfBank was one of the first among Turkish
banks to enable eurobond issues and similar
transactions in different currencies up to
a maximum equivalent of US$ 3 billion as
per the RegS/144 documentation aimed at
both American and European investors and
established a Global Medium Term Notes
(GMTN) Program in April 3, 2013.
Within the scope of the GMTN Program, a
five-year term US$ 600 million eurobond with
a maturity date of April 15, 2018 and semi
annual coupon payments with a fixed coupon
of 3.75% was issued in international markets
in April 2013. This transaction had the lowest
coupon rate among bond issues carried out by
Turkish banks.
Again, within the scope of the program,
in October 2013, VakıfBank issued another
eurobond in international markets. The bond
2013 Activities
VakıfBank continues to work with the European
Investment Bank, the World Bank and the European
Bank for Reconstruction and Development to
support the real sector with low-cost financing.
UNIQUE and
successful
By the year 2002, the
VakıfBank’s uniqueness in
the credit card market had
become noticeable. The
Bank ranked first in Turkey
in terms of number of debit
cards and first in Europe
in the number of Maestro
cards. In 2003, the Bank
offered a unique innovation
in the credit card market to
its clients. Not forgetting
football fans, VakıfBank
launched the Fan Credit Card
for three major clubs in the
Super League.
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