Turkey’s first issue of “Participation Certificate”, issued by “Fleetcorp Participation Asset Financing Fund”, founded by Aktif Bank.
Turkey’s first issue of “Participation Certificate”, issued by “Fleetcorp Participation Asset Financing Fund”, founded by Aktif Bank, for an amount of TRY20Million, with an average maturity of 903 days, following the huge interest and attention shown by Turkey’s leading Portfolio Management Retirement Companies, has now sold out in the very first day of trading at the ISE Qualified Trader Market. Participation Certificates concerned are not only borrowing instruments in TRY issued by private sector in accordance with Islamic principles but also are the first Islamic borrowing instruments ever issued at the ISE.
Principal guarantee for securitization realized by Aktif Bank for motor vehicle purchase of Fleetcorp Operasyonel Taşıt Kiralama ve Turizm A.Ş. based on Corporate Finance Support of is composed of vehicle pledges and high-margin rental revenues of motor vehicles so purchased. Long-term national rating of the structure appraised by JCR-Eurasia Rating has been established as (A+).
Önder Halisdemir, PhD., CEO of Aktif Bank, said in his statement about the issue: “After Turkey’s first real Asset Backed Securities Issue done in October, 2011, Aktif Bank played a role in expanding Turkish Capital Markets on the strength of its innovative and enterprising character by making issues of TRY565 Million to date and that, as another ‘first’, Participation Certificates structured and issued by our Bank in accordance with Islamic principles in parallel to this drive has attracted huge interest from the market and that this has paved the way for another door in Turkey”. Dr. Halisdemir added: “Our Bank, resting on its innovative and enterprising banking approach which is a reflection of its new-generation banking concept invented by itself, is geared to keep up playing an active role in rendering Turkish Capital Markets deeper, as well as pioneering the sector, as is the case in everything it does. On this occasion, we would like to thank all institutions and organizations, including the CMB, in particular, that contributed to and supported efforts in making this ‘first’ real”, after said ABS issue, as well as to our strong investors who gave us further hope for new issues”.