Ziraat Bank seeks to sell $2.5 billion of asset-backed securities
Turkey’s Ziraat Bank will seek to sell asset-backed securities worth $2.5 billion on domestic and international markets.
The debt, in liras or foreign currency, will be backed by loans the bank has made to its customers, Hürriyet newspaper reported on Thursday citing a stock exchange statement.
Turkish banks are seeking ways to finance growth after a currency crisis ripped through the economy, crippling an economic expansion and making it more expensive for customers to repay loans as interest rates surged.
The bank may also seek to pool credits and sell them in a public offering, or issue covered bonds, Hürriyet said.