EBRD invests in Turkish retailer’s TRY-denominated bonds
The European Bank for Reconstruct on and Development (EBRD) announced on October
26 it has invested in lira-denominated bonds issued by Turkish retailer Migros. “In a move to support deepening local currency and local capital markets in Turkey, the EBRD has nvested TRY 9 million ($1.6 million) n the TRY 46 million ($8.16 m ll on) Turkish-lira denominated bonds ssued by the country’s second largest reta ler,” the bank said in a statement. The ssuance will be listed on Borsa Istanbul and proceeds will refinance the company’s short-term loans, it said. Migros operates n 81 Turkish provinces, through a network of 2,048 food retail stores. It is also active in Kazakhstan and Macedon a with 42 Ramstore outlets.