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Enerjisa, in Collaboration with Ak Investment, Pulls Off Another First by Completing Turkey’s Longest Tenor Corporate Bond Issue.


Pulling off another first in the country, Enerjisa has conducted the longest tenor bond issue in Turkey’s private sector bond market so far. Enerjisa’s CEO Kıvanç Zaimler pointed out that this longest tenor bond issue, which was conducted through the intermediation of Ak Investment and with the collaboration of investor European Bank for Reconstruction and Development (EBRD), has contributed to the institutionalization of the energy sector, strengthening financial sustainability and increasing the attractiveness of the sector for investors.

On August 1, Enerjisa Enerji A.Ş. completed the longest tenor bond issue in Turkey’s private sector bond market. This five-year CPI bond issue to the amount of 335 million Turkish lira has created an additional finance support for new investments. The EBRD has invested 100 million Turkish lira (€24 million).

Speaking about Turkey’s longest-term bond issue which has seen huge demand from investors, Enerjisa’s CEO Kıvanç Zaimler said; “As a pioneer of Turkey’s dynamic and growing energy market, we aim to contribute to the transparency of the sector and increase its attractiveness to investors. Towards this vision, we have put our name to many firsts in our activity on the financial markets. In March 2017, with the contribution of our distribution companies, we completed Turkey’s ‘largest’ bond issue and in August 2016 we completed Turkey’s first ‘CPI bond’ issue. This time, we have completed Turkey’s ‘longest tenor bond issue. We are very pleased with the huge demand our bond issues have received, allowing us to contribute to the development and deepening of our country’s financial markets. Through this bond issues, we have created financing for new investments.”

Harry Boyd-Carpenter, Director, Head of Power and Energy Utilities for EBRD said: “We are very pleased to participate in this programme as it will support several of the goals the EBRD pursues in Turkey. CPI indexation is a first for us and still a rare instrument in the Turkish capital markets; it is particularly well suited to the funding needs of distribution companies, whose revenues are also closely linked to inflation. Innovative financing mechanisms such as this are essential to raise the capital needed to invest in new, efficient and smart energy networks as Enerjisa Enerji is doing. We are also delighted to cooperate again with Enerjisa Enerji, one of the strongest and most dynamic groups in the sector.”

Meanwhile, Ak Investment’s CEO Mert Erdoğmuş said “To date, Ak Investment executed various pioneering private sector bond issues which contribute to the development and enrichment of the market. We keep on accomplishing a number of distinguishing issues in 2017 as well. Following the Turkey’s ‘largest’ real sector bond issue in March 2017 for Enerjisa, the leader in Turkish electricity distribution and retail sales markets, this time we successfully completed Turkey’s ‘longest tenor’ private sector bond issue. This five-year, CPI-linked bond issue reached to an amount of 335 million Turkish lira as a result of the strong demand from investors, exceeding the initially planned issue size. We have justified pride of carrying out the ‘longest tenor’ private sector bond issue in Turkey and contributing significantly to Turkish capital markets. As a result of this issue, as Ak Investment, we maintain and strengthen our leadership in private sector bond issues.

The EBRD financing is part of the TRY Corporate Bond Framework, which aims to promote longer tenors and greater transparency in the Turkish capital markets in order to attract local and international investors. Improving the liquidity and contributing to the overall development of Turkey’s capital markets is a strategic priority for EBERD in Turkey.