Turkiye Garanti Bankasi redeems $50 million medium-term note debt

Turkiye Garanti Bankasi AS said on Friday it had redeemed $50 million of its outstanding medium-term note debt, marking an early repayment of part of its dollar-denominated obligations.

The Turkish bank did not specify the maturity of the redeemed notes or the timing of the transaction in a statement to the Istanbul Stock Exchange. The redemption reduces Garanti Bankasi’s foreign-currency liabilities and aligns with its ongoing efforts to manage liquidity and debt profile amid a challenging macroeconomic environment in Turkey.

Garanti Bankasi, majority-owned by Spain’s BBVA, operates one of the largest retail banking networks in Turkey and has previously tapped international debt markets through its medium-term note program. The bank’s dollar-denominated issuance is part of its broader strategy to diversify funding sources while maintaining access to global capital markets.

The redemption follows a series of liability management exercises by Turkish banks, which have sought to refinance or repay foreign-currency debt to mitigate exposure to currency volatility and rising funding costs. Garanti Bankasi’s move underscores its focus on balance-sheet optimization as economic conditions in Turkey remain under pressure from inflation and policy shifts.