AK Yatırım Completes 5 Million Lira Structured Debt Issue

AK Yatırım Menkul Değerler completed the sale of a 5 million lira structured debt instrument on October 12, according to a company filing with KAP. The 35-day issue was sold to qualified investors in Turkey.

The instrument has a variable interest rate, is linked to YKBNK shares and will not trade on an exchange. It has no coupons, and the filing lists 5 million lira as the principal payment at maturity on November 16.

For the company, this is borrowing rather than issuing shares: it creates a repayment obligation, not new equity. The filing says the issuer had an AAA rating from SAHA, dated October 9, and that the rating was investment grade.