Turkiye Garanti Bankasi A.S. Announces Early Redemption of Subordinated Debt Securities

Turkiye Garanti Bankasi A.S. (TGBD) has announced the early redemption of its subordinated debt securities to qualified investors. The decision was made by the bank's Board of Directors on September 5, 2024. These securities, with a nominal value of TRY 252,880,000, met the criteria for inclusion in Tier 2 Capital.

The early redemption date is set for October 9, 2024, following the approval by the Banking Regulation and Supervision Agency (BRSA). The subordinated debt securities were originally issued with a maturity of 3651 days and had coupon payments indexed to the BIST TLREF index.

The bonds were initially offered to qualified investors between October 3, 2019, and October 8, 2019. The specified maturity date was October 7, 2029, with a nominal value issued of TRY 252,880,000 and consisting of 40 coupon payments.