Through its UK subsidiary, Şişecam UK PLC, Şişecam issued USD 500 million and USD 600 million global bonds (Eurobonds) with 5-year and 8-year terms, aimed at institutional investors globally.
These issues attracted demand exceeding USD 3.5 billion from international funds and financial institutions. The issues, authorized by Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc, and Bofa Securities, had coupon rates of 8.250 percent and 8.625 percent. The bonds, in high demand worldwide, saw 38 percent purchased by funds and financial institutions from the USA, 37 percent from the UK, 15 percent from Europe, and 10 percent from Asia and the Middle East, primarily by institutions based in Hong Kong.
Şişecam’s Chairman and Executive Member of the Board, Dr. Ahmet Kirman, shared that Şişecam’s first Eurobond issue was in 2013, noting that, “Şişecam’s bonds have consistently stood out for the strong buying interest from institutional investors both domestically and internationally. Our credit ratings have been evaluated above the country’s ratings by Moody’s and Fitch at B2 and BB-, powered by Sisecam’s global successes. The highest demand for the largest corporate bond issue in the history of the Republic of Turkey confirmed the global confidence in Şişecam once again.”
Şişecam’s CEO, Gorkem Elverici, also stated their ongoing commitment to effective liquidity management, “In line with our vision of creating sustainable value, we continue our investments supporting the growth of the sectors we provide input to. In the upcoming investment period, we will continue to use a mix of necessary capital market and financing tools. Besides this Eurobond issue, we have also undertaken significant bond issuances in Turkey recently. We will continue this approach tailored to our needs in the respective currencies.”