Asset-Backed Securities

Asset-Backed Securities

Pursuant to the provisions as prescribed under the Communique Nr.III-58.1 Regarding the Asset and Mortgage Backed Securities, promulgated by the Capital Markets Board of Turkey, asset finance fund shall mean the assets, which is unincorporated and established as per the fund by-laws as based on the fiduciary ownership principles on behalf of the ABS holders by making use of the funds raised against the asset-backed securities. The assets of the fund is separate from the assets of the founder, the service provider and the originator. 

The assets of the Aktif Yatirim Bankasi A.S. Asset Finance Funds, founded by Aktif Bank, has been constituted from the loans, extended by Aktif Bank to the real persons who receive a pension through the PTT. The repayments of such loans are being made by deducting the amount of the loan installment from the amount of the pension, payable through the PTT, by the PTT as consented by the loan debtors, and paying such amounts to the Bank, the creditor. A life insurance policy is being issued, to be effective for the maturity period of the loan, to all of such clients, to whom a loan has been extended. 

The entire process with respect to issuance of the ABS has been assessed by Aktif Bank, acting as the service provider and the guarantor, and the loans, constituting the Fund portfolio, have been assessed by JCR Eurasia Rating before the issuance process, and have been rated as "AAA", the highest rating in the local currency, and as "BB", the equivalent of the rating of Turkey, in the international currency.

The first ABS issuance in Turkey was accomplished from the Borsa Istanbul (Istanbul Stock Exchange) Offering Market For Qualified Investors, on October 20, 2011, by Aktif Bank.  All of the ABS with a nominal value of TRY 187.001.539-, have been sold within a period of 2 hours following the opening of the trading session. 

The ratings for the ABS issuances, materialized by the Asset Finance Funds founded by Aktif Bank, can be accessed by clicking here.