EBRD ₺100 million investment in Rönesans Holding bond issue

Overview:

• The European Bank for Reconstruction and Development (EBRD) has invested ₺100 million in the ₺200 million bond issuance by Rönesans Holding, the first in Turkey to use the Turkish Lira Interbank Offered Rate (TRLIBOR) as its benchmark rate.
• It is part of a larger ₺500 million bond programme by the issuer.
• It is the first transaction under the EBRD’s recently approved ₺700 million programme dedicated to supporting Turkish lira-denominated bonds.
• Proceeds from the investment will be used for the public-private partnership construction of a €342 million hospital in Elazig, as well as refinancing a portion of Rönesans Holding's existing debt.
• Esin Attorney Partnership advised the EBRD.