Bezen & Partners has advised the European Bank for Reconstruction and Development in its TRY 70 million (EUR 21 million) investment in YDA Insaat Sanayi ve Ticaret’s four year bond issuance — Turkey’s longest tenor corporate bond.
The senior unsecured local currency bond is part of a TRY 250 million (EUR 74 million) issuance formed of two tranches of equal size, with maturities of two and four years respectively. It was the first issuance under YDA’s TRY 500 million (EUR 148 million) bond program.
The Turkish industrial conglomerate YDA is raising the bond with the backing of the EBRD to finance a state-of-the-art hospital in the central Anatolian city of Konya, as well as to refinance part of its short-term debt. Overall, according to Bezen & Partners, "the bank’s participation in this transaction is expected to assist in increasing the average tenor of bond issuances in the corporate bond market while also attracting a wider group of international investors to Turkey."
The Bezen & Partners team was led by Senior Partner Yesim Bezen and included Partner Banu Aslan and Associate Zeynep Ozkan.
Bezen & Partners reported that it did not have details about counsel for YDA on the deal.
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