Turkiye Garanti Bankasi redeems $300 million debt instrument
Lender retires medium-term note ahead of schedule, reducing foreign-currency debt exposure.
Turkiye Garanti Bankasi said on Friday it has redeemed a $300 million medium-term note (MTN) issued under its debt program.
The redemption was executed ahead of the instrument’s maturity date, the Istanbul-based lender said in a filing to the Turkish regulator. Financial terms of the early repayment were not disclosed.
Garanti Bankasi, Turkey’s second-largest private lender by assets, has been managing its foreign-currency debt profile amid elevated global borrowing costs and lira volatility. The bank did not specify whether the redemption was funded through internal liquidity or new issuance.
The MTN was part of the bank’s existing debt issuance program, which allows for multiple tranches under standardized documentation. Garanti Bankasi has not indicated plans to replace the redeemed debt with alternative financing in the near term.
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