Vakıfbank provided $1.8 billion in funding

VakıfBank has completed a Diversifed Payment Rights (DPR) securitization transaction totaling approximately $1.8 billion, including $1.7 billion and €75 million. Under the DPR securitization program, Vakıfbank has completed a funding transaction with 5 banks for a total of $1.7 billion with a 2-year grace period and a 5-year maturity, and with 2 banks for a total of €75 million with a 2-year grace period and a 4-year maturity. According to the statement made by the bank, this transaction, which Vakıfbank has carried out with the participation of a total of 7 foreign banks, is both the largest single-share securitization transaction among Turkish banks and the largest single-share funding transaction. While no clear data was shared regarding the cost of the transaction in the bank’s statement, it was stated that the costs incurred specifically for the transaction were well below the costs of a 1-year syndicated loan due to the secured structure of the DPR program. “We aim to increase the transaction to 2 billion dollars soon” Vakıfbank General Manager Abdi Serdar Üstünsalih made a statement regarding the transaction in question and said, “We are continuing our support for the national economy without slowing down by making a rapid start to the year on the international funding side. We aim to increase this fresh resource that we have brought to our country to 2 billion dollars very soon.”