EBRD subscribes to 40 mln lira (14 mln euro) of Turkey's YDA Insaat bond

Proceeds of the bond issue will support YDA Insaat’s operations under recently awarded public-private-partnership (PPP) projects, the EBRD said in a statement on Monday.

The bond, listed on Borsa Istanbul, is YDA Insaat’s first three-year lira-denominated bond which is also the longest tenor seen for a local-currency bond issued by a mid-size Turkish infrastructure firm, according to the EBRD.

The company builds roads, airports, bridges, housing, business centres, hotels, hospitals, school complexes and industrial facilities and is also building its role as a concessionaire for developing and operating infrastructure facilities under PPP arrangements.

“This is the EBRD’s first participation in a local-currency bond by a Turkish company outside the banking sector,”said Sue Barrett, EBRD director for transport.

(1 euro = 2.9185 Turkish lira)