IS Investment Corporate Finance
September 2018 1
IS Investment and Corporate Finance References IS Investment İş Bank Group 2 Leader Position Worldwide Branch Network
• With a history of 94 years and US$ 97.1 billion asset size, İş Bank is Turkey’s largest private bank. GERMANY NETHERLANDS SWITZERLAND BAHRAIN EGYPT • İş Bank’s market capitalization as of 27 February 2018 is US$ ISBANK AG ISBANK AG ZURICH MANAMA REPRESENT. 8 billion. 10 BRANCHES ISBANK AG 1 BRANCH OFFICE 1 BRANCH 1 BRANCH
CHINA REPRESENT. OFFICE İş Bank in Numbers*
RUSSIA No Area Numbers CJSC ISBANK 1 Assets US$ 97.1 bn 3 BRANCHES
1 Deposit US$ 54.4 bn
1 Branch Network 1,380 KOSOVO BULGARIA ISBANK AG 1 Loans US$ 64.1 bn 2 BRANCHES 1 BRANCH
TURKEY FRANCE U.K. GEORGIA PARIS NORTHERN IRAQ LONDON 1.380 ISBANK AG CYPRUS BRANCHES 2 BRANCHES 2 BRANCHES 15 BRANCHES 2 BRANCHES * Source: Public Disclosure and İş Bank Investor Relations Presentation 1 BRANCH (September 2017) IS Investment İş Bank Group Structure and Participations 3 Shareholder Structure Main Business Lines of İş Bank Group
• There are around 250,000 domestic and foreign shareholders. Financial Participations – 18 Companies • 75% of the free float is held by foreign investors. Sector Company Name Market • Stocks are quoted on ISE and also traded on LSE in the form of GDR Capitalization (Global Depository Receipt). Insurance Anadolu Insurance ANSGR.IS: 555 mn$ Private Pension Anadolu Pension Fund ANHYT.IS: 865 mn$ Investment Banking İş Investment ISMEN.IS: 237 mn$
Asset Management İş Asset Management
Private Equity İş Private Equity ISGSY.IS: 31.4 mn$ Free Float İş Bank %32 Pension Leasing İş Leasing ISFIN.IS: 272 mn$ Fund %40 Factoring İş Factoring REIT İş REIT ISGYO.IS: 331 mn$
Atatürk Non-Financial Participations – 14 Companies Shares %28 Sector Company Name Market Capitalization
SISE.IS: Glass Şişecam Market Cap: 2,916 mn$ Banking Services Others İş Net Elektronik, Softtech, Bayek Sağlık • Corporate Banking • Capital Markets • Retail Banking • Project Finance • Private Banking • Other Banking Services
* Market Caps are as of Feb 27, 2018 IS Investment Outlook 4 Leader Investment Bank Participations
IS Investment, an investment bank in international terms, aims to answer the needs of clients with integrated solutions. İş Asset Management: (Share: 70%) Turkey’s leading Portfolio Management Company managing İş Group funds With 11 branches and 5 representative offices, it has a strong and widespread distribution network through the agency network of İş Investment Trust (Share: 28.9%) more than 1,350 İş Bank branches. Turkey’s leading Investment Trust ISYAT.IS MCAP: 43 mn$* • In 2016 IS Investment’s market share among Brokerage Agencies İş Private Equity: (Share: 29.1%) is : Turkey’s largest Private Equity ISGSY.IS MCAP: 31,4 mn$* • 7.9% in Stock Market, Maxis Securities: (Share: 100%) • 11.4% in Derivatives, London headquartered B Group capital markets licenced subsidiary • 2.2% in Eurobonds Efes Asset management: (Share: 74%) • 2.6% in Corporate Bonds Market among other Equity Houses. Leading asset management focusing on receivable management
• IS Investment has the leader position in eurobonds market Maxis private equity portfolio management : (Share: 100%) Nowhereas it is in the second placeNumbersin the stockSharesmarket and Newly established company has applied CMB for licence approval process derivates and sixth place in the corporate bonds market.
In May 2007, IS Investment (ISMEN.IS) went Shareholder Structure public itself as the first investment banking institution to be traded on the ISE. Free Float Fitch Ratings National Market %28 Long Term Rating: Capitalization*: İş Bank & İş AA+(tur) US$ 237 mn Bank Group Companies %72 * As of Feb 27, 2018 * As of Feb 28, 2018 IS Investment Activities 5 Services Widespread Investors Portfolio
Corporate Finance • Public Offerings • Privatization Advisory İş Group is A market share of • Strategic Planning İş Group approximately 50%, • Mergers & Acquisitions Funds; Turkey’s • Project Finance • Private Equity 22% with more than Largest Fund 400,000 active Others; Management 78% accounts Investment Advisory Group • Individual Clients • Corporate Clients • Institutional Sales Turkey’s Most Admired Brokerage House Research • Macroeconomy • Fixed Income IS Investment was awarded with “Turkey’s Best Equity House” • Sector Research Securities Analysis in 2007 and 2008, “Best M&A House” in 2009, 2014 and “Best • Company Analysis • Strategy Reports and Investment Bank” in 2010, 2011, 2012 and 201 by Euromoney Presentations Magazine in “Euromoney Excellence Award” category. In 2010 Brokerage & Trading and 2017 Mergermarket selected IS Investment for the “Financial • TL/FX Stocks Adviser of the Year” award. EMEA Finance Magazine selected • TL/FX Treasury Bond/ Government Bond IS Investment the “Best Investment Bank in Turkey” in 2010 and • TL/FX Private Sector Bonds • TL/FX Derivatives 2011 and “Best Broker in Turkey” in 2011 in Europe Banking Awards. 2009 and 2014 2011 Best M&A House in Turkey Best Broker in Turkey 2007 and 2008 2011 Best Equity House in Turkey Financial Adviser of the Year 2003, 2004, 2005, 2008, 2009, 2010, 2011, 2012, 2013 2010,2011,2012, 2013, 2014 Most Admired Brokerage House and 2015 in Turkey Best Investment Bank in Turkey IS Investment Strong Research and Sales Team 6 Leader Investment Bank in Organized Markets Widespread Distribution Network
İş Bank Branches: More than 1,350 domestic branches and Stocks Bonds Derivatives approximately 3,000 ATMs Stocks-Market Share Bonds-Market Share Derivatives-MarketInternet Share : Convenient transactions from İş Bank and IS Investment web- sites 180 25% GSM Banking: Mobile Bank Branches 2 160 1 NetMatik: Interactive banking for credit cards and all transactions with 1 1 2 free of charge under a developed system. 140 20% 1 Call Center ve Interactive Telephone: Free of charge Interactive 1 120 1 telephone banking service 1 2 1 1 1 15% 100 1 1 Wide Range of Products 1 80 10% 1 Daily Macro- Strategy Reports on 1 Week Sector 60 1 Market economic Stocks & Fixed MarketShare(%) Ahead Reports 3 Watch Reports Income Securities Trading Volume (bn TL) (bn Volume Trading 40 1 5% 1 2 Money & Portfolio 2 3 3 5 Internation Company Special Research for 20 5 3 Capital Recomme 6 al Markets Reports Institutional Investors Markets ndations 0 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Borsa Istanbul, TDE • All reports are prepared in English and Turkish and the database is open for access to all users on our internet web-site. IS Investment is the leader in capital markets with its strong research team, wide distribution network and corporate finance experience IS Investment Corporate Finance Team Structure 7
The Largest Corporate Finance Department in Turkish Investment Banking with 25 Employees
Technology, Energy, Consumer 149 Deals Media, Construction, 263 Goods Communication Deals 12.8bn $ Mining 41 Deals 13 Deals 39 Deals 34.7 bn $ 6.7 bn$ 441 mn$ 6.5 bn$
CORPORATE PRIVATE PROJECT PUBLIC MERGERS & PRIVATE EQUITY BOND PUBLIC SECTOR FINANCE OFFERINGS ACQUISITIONS ADVISORY OFFERINGS ADVISORY ADVISORY
More than 400 deals, worth in excess Basic of 47.8 bn$*, were completed by İş Industries Financial Investment since 2000 52 Deals Health, Institutions Tourism, 228 Deals 1.8 bn$ Services *Including 1.0 bn$ Wholesale and Special Order 30.6 bn$ transactions 38 Deals 2.0 bn$ IS Investment Global Outreach & Cooperation 8
* Except for countries highlighted in red, Is Investment has counterparts that have both country and regional outreach Iş Investment, through its strong network of international and local I-Banks in over 70 countries and over 110 counterparts around the world, is continuously expanding its outreach and alerting its clients of opportunities that arise both in Turkey in the respective countries IS Investment Corporate Finance Equity Offerings 9 Equity Offerings Quantity Privatizations & Private Sector Equity Offerings
1990-2018 1997-2018 • Between 1990-2018, İş Investment has served 33 of 34 privatizations (as Lead Manager in 29 and Co-Lead Manager in 4) 70 which were conducted as public offerings in Turkey 31
37 31 15 14 • Between 1990-2018, İş Investment has served in 34 private sector IS Garanti Global IS Global Gedik public offerings as Lead Manager including DO & CO Offering which Investment* Investment** Securities Investment Securities Investment is the first foreign company became listed in Turkey
*Total of İş Bank and İş Investment **Total of Garanti Bank, Körfez Bank and Garanti Securities Note: İş Investment was founded in December 1996. Equity Offerings Size
1997-2018
Source: BİAŞ 7.9
5.5 İş Bank since 1988, and İş Investment since its 5.2 US$ billion US$ 4.2 foundation, has served as the Lead Manager in 1.8 70 equity offerings, which makes it by far leader İş Invesment Finans Invest Garanti Halk TSKB Securities Investment among competitors
Having a share of 30%, İş Investment is the leader in equity offerings market in Turkey in terms of both size and number of transactions. IS Investment Corporate Debt Issuances 10 2017 Corporate Debt Issuances*Quantity Corporate Debt Issuances arranged by Is Investment
313 300
200 158 144 112 97 96 100 81 80 70
0 Garanti Aktif İş Oyak Deniz Ak Yapı Finans Diğer Yatırım Yatırım Yatırım Yatırım Yatırım Yatırım Kredi Yatırım Yatırım 2017 Corporate Debt Issuances*Size
19,3 20 Issuance Size Market Share 25,0% 14,4 IS Investment arranged 112 private sector 15 13,7 20,0% Billions 12,6 11,8 14,9% 16,0% 11,0 11,1 corporate debt note issuances with an amount of
15,0% TRY TRY 10 10,6% 9,8% 7,6 7,2 TRY 20,7 billion as of 2017 year-end and kept its 9,1% 8,5% 11,1% 8,6% 10,0% 5,8% 5,6% leading position with 16,0% share in terms of 5 5,0% issue size. 0 0,0% İş Vakıf Garanti Ziraat Yapı Halk Ak Deniz Finans Others Yatırım Yatırım Yatırım Yatırım Kredi Yatırım Yatırım Yatırım Yatırım Yatırım
Source: Borsa İstanbul IS Investment TSPB 3rd Capital Markets Awards 11
Thanks to its operational performance in 2017, IS Investment has earned 2 seperate awards at the ‘3rd Capital Markets Awards’ ceremony held on 11 April 2018.
IS Investment has been named as ‘Equity Issuance and Sales Leader’ and ‘Corporate Debt Securities Issuance and Sales Leader’ in the category of Corporate Finance Transactions. IS Investment Corporate Finance Mergers & Acquisitions 12 IS Investment M&A Transactions (2005-2017) Leader in M&A Transactions
Deal Value (mn $) Number of Deals 3.500 14 • Since 2000, IS Investment has closed 149 M&A transactions that were worth more than US$ 12.8 bn. 3.000 12 • 25% of the transactions were cross-border deals 2.500 10 • Among M&A services;
2.000 8 • Project Screening and Targeting
1.500 6 • Mergers
1.000 4 • Acquisitions • Asset Sales 500 2 • Joint Ventures 0 0 • Project Finance
Source: Mergermarket • Mandatory Calls
By Value (2005- 2017) By Transaction Numbers (2017) • Is Investment has advised on the sell-side for 4 transactions and buy- No. of No.of # Company Mn$ # Company Mn$ side for 4 transaction in 2015. Deals Deals (Total 8 transactions) 1 İş Yatırım 12.450 112 1 İş Yatırım* 406 7 • In 2016, Iş Investment has 2 3Seas 1.949 104 2 Ünlü & Co 1,623 6 completed 7 advisory projects, 5 3 Ünlü Co. 13.034 87 3 Raiffiesen Centrobank 272 5 sell-side and 2 buy-side, with 1 buy- side being an outbound investment. 4 Pragma 2.704 68 4 Pragma 51 5 • In 2017*, Iş Investment has 5 Unicredit 499 4 5 Raiffeisen Centrobank 20.226 48 completed 9 advisory projects, with Source: Mergermarket 7 sell-side and 2 buy-side advisories * Mergermarket has 2 listed in 2016 due to signing-closing year overlaps According to MergerMarket rankings for the 2005 –2017 period, IS Investment is the leader among all banks in terms of deal number and is the leading bank in terms of number of transactions over the over the last 12 months period IS Investment Corporate Finance Awards 13
IS INVESTMENT WINS “TURKEY M&A FINANCIAL ADVISER OF THE YEAR IN 2017” FROM MERGERMARKET
Mergermarket, the leading provider of M&A data and intelligence, announced the winners of the 2017 European M&A Awards and named IS Investment “M&A Financial Adviser of the Year in Turkey”.
Having won the inaugural award for Turkey in 2010, this is the second time we have been recognized by the judging panel, outpacing our competitors by completing 11 transactions.
Alongside the “Best M&A House in Turkey” awards in 2009 and 2014 by Euromoney, we are especially pleased to be the first and only Turkish investment bank ever to be awarded 4 times.
This international recognition reinforces our determination to continue delivering outstanding results, while maintaining our sectorial diversity. IS Investment Corporate Finance Awards 14
Iş Investment has been awarded with «EMEA Finance Achievement Awards 2017» for both “Best IPO in CEE” for Mavi IPO and “Best M&A Deal in CEE” for acting as the sell-side advisor to Aksa Energy on the sale of it’s wind power plant portfolio to Fernas Group IS Investment Corporate Finance Awards 15 Best M&A House & Best Equity House Awards Best Investment Bank Award
In 2010, 2011 and 2013 IS Investment was awarded In 2009 IS Investment was awarded by Euromoney by Euromoney Magazine, with “Turkey’s Best Magazine with “Turkey’s Best M&A House”. Investment Bank”. This award categorizes “Best Despite the financial crisis, IS Investment completed Equity House” and “Best M&A House” under one successful deals from various sectors in 2009. title.
IS Investment also won the “Best M&A House in Turkey” award in 2014. Iş Investment was awarded with "Best Investment Bank in Turkey" in 2010, 2011, 2012, 2013, 2014, 2015, 2016 IS Investment Corporate Finance Privatizations 16
29 Projects Block Sale • Since 2000, IS Investment has worked on 29 sell side Sell Side Advisor advisory mandates that were worth US$2.7 billion. US$ 2.7 bn
40 Projects Block Sale • Since 2000, IS Investment has worked on 40 buy side Buy Side Advisor advisory mandates and completed 6 transactions that were US$ 1.6 bn worth US$1.6 billion.
4 Projects IPO • Since 2000,, IS Investment has worked on 4 privatizations via Consortium Leader US$ 2.5 bn public offering transactions worth US$2.5 billion.
IS Investment advised 72 privatization projects worth US$6.4 billion since 2000 IS Investment Corporate Finance Sell Side Advisory 17 Sell-Side Advisory
December December 2008 2007 2005 2005 2004 2009 2009 HALKBANK YAVŞAN, CYPRUS TURKISH İSTANBUL TEKEL TOBACCO Privatization via AYVALIK TUZ ÇAMALTI KAYACIK, AIRLINES FERTILIZER SALTPAN SALTPAN Public Offering KALDIRIM COMPANY SALTPANS
6,000,000 $ 76,000,000 $ 1,720,000,000 $ 1,800,000,000 $ 120,000,000 $ 33,000,000 $ 100,500,000 $
2003 2003 2003 2003 2000 2000 2000 TDİ- ALANYA AND TDİ- DİKİLİ AND TAKSAN SAKARYA TDİ- MARMARİS TEKEL GERKONSAN ÇEŞME PORTS TRAKTÖR KUŞADASI PORTS PORT ALCOHOLIC SANAYİ DRINKS
292,000,000 $ 3,015,000 $ 10,000,000 $ 2,300,000 $ 27,850,000 $ 66,200,000 $ 14,900,000 $
Between 2000-2013/12 IS Investment worked on 29 sell-side mandates worth US$ 2.7 billion and 4 privatization via IPO projects worth US$2.5 billion. IS Investment Corporate Finance Buy Side Advisory 18 Buy-Side Advisory
2018 2017 2011 2011 2011 2010 2010 2010 2010 2010 Local Local Boydak Kayseri Sugar Türkiye Local Aksa Group Local Holding Aksa Group Aksa Group Factory Petrolleri Petrol Investor Investor Dağıtım (TPPD) Investor Investor
Akdeniz and EUAS Run-off İstanbul Toroslar Trakya, Çamlıbel, AYEDAŞ River Power Sugar Sugar Seabuses and Electricity Boğaziçi Uludağ and Turhal Sugar Electricity Plant Portfolios Factory Factories Factories Fast Ferries Distribution Electricity Fırat Electricity Distribution Portfolio B Portfolio C Distribution Distribution
2009 2009 2009 2008 2008 2008 2007 2006 2006 2006 Aksa Group Bilkent Local Local Torunlar Local Local International Kültür Company Doğuş Çay International Gelişim Investor Group Gıda Group Consortium Çoruh, Company Osmangazi, National ADÜAŞ Bandırma Petkim Electricity Yeşilırmak Derince Sugar Lottery Power Port Petro- Distribution Erdemir Electricity Museums Port Factories Plants chemical Distribution
2005 2005 2005 2005 2005 2004 2004 2002 Local Petrol Ofisi Local Group İş- Doğan Kuwait Assan Demir Anadolu Ins. Kazancı Company Partnership Company ve Sac & Anadolu Holding Sanayi Pens. Fund Vehichle Seydişehir/ Tüpraş Başak Life Ins& Samsun Mersin Port Inspection Eti Krom Petrol Ofisi Oymapınar Pension Fund Fertilizer Stations Aliminium Factory Plant
Since 2000, IS Investment has worked on 40 buy-side mandates in M&A transactions and completed 5 deals worth US$1.6 billion. IS Investment Corporate Finance Private Sector Advisory 19
Economic Identification of Strategy Feasibility Contacting Investment & Development Evaluation Investors Financial Needs
Identification of Contacting Financial Strategic Planning Business Plan Financing Needs Institutions
Presentations & Portfolio Strategy Financial Valuation Negotiations
Restructuring Feasibility Analysis Selected Sector Advisory References
Industry Analysis
IS Investment is the leading institution of Turkey in Restructuring Advisory as well as M&A Advisory and provides the complete package of private sector advisory services for its clientele operating in various fields. IS Investment Corporate Finance Project Finance and Private Equity Advisory 20 Project Finance References Private Equity Deals in Turkey
4.701 2017 2017 2010 Katkı 5.000 50 ÇORUH 4.500 4.287 45 TÜRKİYE PETROLLERİ 44 TERSAN ELECTRICITY 39 PETROL DAĞITIM (TPPD) TERSANECİLİCİK 4.000 40 PRIVATIZATION DISTRIBUTION 3.500 31 35 2.978 30 29 3.000 28 2.522 25 24 30 2.500 21 20 2.127 25 2.000 18 17 1.606 1.650 20 1.600 1.500 1.211 15 998 803 1.000 10 $222,000,000 $21,000,000 $145,000,000 458 500 4 3 6 245 5 34 8 0 0 2008 2010 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 82 MW 2007 FIRAT ELECTRICITY Size ($ mn) Deal # HYDROPOWER ODE YALITIM DISTRIBUTION PROJECT SANAYİ VE TİCARET A.Ş. Source: Dealwatch Private Equity Advisory Transactions
Basic Industries; 3 $140,000,000 $45,000,000 €19,000,000 Financial Institutions; 2 Health, Tourism & Services; 11 2005 KAYSERİ ŞEKER FABRİKASI A.Ş. FMCG; 8
Technology, Media, Communication ; 8 €124,500,000 IS Investment advised Private Equity companies for 19 investments and 13 exits. 21
IS Investment and Corporate Finance References IS Investment International Clients of Corporate Finance Team 22
BLUE SQUARE REAL ESTATE
IS Investment boasts a portfolio of clients from many countries and continues to add to its network. IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part I) 23
June 2018 June 2018 December 2017 December 2017 December 2017 December 2017 Güriş Kayseri Sugar Factory Aksa Enerji has sold Balıkesir Aksa Enerji has sold Kıyıköy RES Erkunt Döküm Erkunt Traktör Şamlı RES
Has acquired 100% of Döktaş Has acquired Turhal Sugar Dökümcülük Factory To Fernas İnşaat To Borusan Enerji Has sold majority shares to Has sold majority shares to Mahindra Mahindra Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Undisclosed 569 mn TRY 111,000,000 US$ 60,000,000 US$ Financial Advisor to Seller 175,000,000 TRY 260,000,000 TRY
September 2017 June 2017 March 2017 April 2017 February 2017 December 2016 Aksa Enerji has sold Sebenoba Turquoise Investments BV Aksa Enerji has sold Ayres RES Privatization of Türkiye RES, Karakurt RES and Kapıdağ Mahindra & Mahindra Martur and Atik RES Petrolleri Petrol Dağıtım RES (TPPD)
Sale of 100% of 4 Wind Power To Fernas İnşaat Plants To Güriş İnşaat 75.1% shares of Hisarlar Has sold minority shares to Makina IFC. Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Buy-Side Advisory Financial Advisor to Buyer Financial Advisor to Seller Deal Value 100,500,000 US$ 71,000,000 TRY Undisclosed Undisclosed 490,000,00035,500,000 US$TRY
December 2016 October 2016 June 2016 May 2016 May 2016 March 2016 Hakan Plastik Teklas Kauçuk Sangalli – Porto Nogaro Türkerler İnşaat Peyman Kuruyemiş Demirören Group
Has sold remaining minority Has sold its wiper systems Has sold its assets to Trakya Acquired 100% shares of Total shares to Georg Fischer Piping Türkerler Geothermal Power Bridgepoint acquired 100% business line to Mitsuba. Cam Sanayi. Oil Türkiye A.Ş Systems Ltd. Plant and licenses were sold. stake of Peyman Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Buyer Deal Value Undisclosed Undisclosed 84,700,000 € Undisclosed 365,000,000 US$ Undisclosed IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part II) 24
April 2015 January 2016 December 2015 September 2015 July 2015 April 2015 IS Private Equity has acquired Tiryaki Agro Gıda Toyo Ink SC Holdings Co. İş Girişim Ac Glass Holding BV Türk Telekom Ltd.
Acquired 24.1% shares of Acquired 75% shares of DYO Acquired 20.25% shares of 84% shares of Ortopro Sudel Invest s.a.r.l. Acquired 50% shares of Yeşil Matbaa Mürekkepleri Sanayi ve Mika Tur Acquired 10% shares of Avea Küre Organik Ürünler Ticaret A.Ş. İletişim Hizmetleri Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Buyer Undisclosed 25,000,000 TL 3,833,333 US$ 77,000,000 US$ 323,000,000 US$ Undisclosed
March 2015 March 2015 January 2015 December 2014 December 2014 November Evciler Kimya IS Private Equity has acquired 2014 ZEY-TUR-SAN Gıda İsmar Marketler Zinciri Pamuk HES Elektrik Üretim Soyak Enerji San. ve Tic. A.Ş. A.Ş.
Has sold 100% of the shares of Has sold 51% of shares to Senerji Üretim A.Ş. ve Düzce Has transferred 26 stores to Has sold 70% of shares to Elemental Holding S.A. minority stake at Radore Enerji Birliği İmalat İşletme CarrefourSa and 4 stores to Bplas Bursa Plastik Has sold 100% of shares to San. ve Tic. A.Ş. to Yıldırım Happycenter Financial Advisor to Seller Güçlü Grup Group. Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Undisclosed Undisclosed Undisclosed 45,200,000 US$ 15,000,000 US$ Undisclosed
November October 2014 August 2014 July 2014 March 2014 August 2013 2014 Tukaş Gıda Sanayi ve Söktaş has sold Asmaş Ağır Sanayi Makinaları Mermerler Group Nisan Enerji Embil İlaç Sanayi Ltd Ticaret A.Ş. A.Ş.
Has sold 93.19% of shares to Okullu Gıda Maddeleri San. ve Has sold 50% of shares to Has sold 100% of shares to 100% shares to Tat Gıda Has sold 85% shares to CTS Acquired 100% shares of Tic. Ltd. Şti., Cem Okullu and Boydak Enerji Exeltis Pharmaceuticals. Cengiz Okullu Makine. Ant Gıda A.Ş.
Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller
Undisclosed 21,922,319 TL 32,000,000 TL 12,800,000 US$ Undisclosed 43,200,000 € IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part III) 25
August 2013 July 2013 July 2013 July 2013 June 2013 June 2013 Trakya Cam has entered a JV Aksa Akrilik OZN Elektronik Ticaret İş Venture Capital has sold Hakan Plastik Seramiksan with
Has acquired 50% shares of Has sold majority shares to Has sold 37% shares to 25% shares to Oesterreichische Georg Fischer Piping Systems HNG Float Glass has acquired 40% of the shares EBRD, 212 Capital Ventures and Post AG Ltd. of Ak-Tops Simile Ventures Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Buyer Deal Value Deal Value 61,150,000 US$ 11,000,000 US $ 5,000,000 US$ 65,000,000 US$ Undisclosed Undisclosed
October 2012 October 2012 August 2012 May 2013 May 2013 April 2013 İş Venture Capital has acquired Trakya Cam Dharma İlaç Doğuş Çay A.Ş. İş Venture Capital Shares of Yılport Holding A.Ş. has has sold Has acquired 100% of acquired 54% of the shares of
Has sold 100% shares to Has acquired 100% of the 6.67% shares of Havaş Ground Handling Expanscience S.A. shares of Kraft Gıda San. ve Num Num Restaurants Richard Fritz Holding GmbH Tic. A.Ş Gemport Financial Advisor to Seller Financial Advisor. to Buyer Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Seller Deal Value Deal Value 15,199,000 US$ Deal Value 4,000,000 US$ Undisclosed 15.230.000 € Undisclosed Undisclosed
June 2012 June 2012 March 2012 February 2012 November 2011 July 2011 İş Venture Capital Trakya Cam has acquired 90% SABMiller Anadolu EFes has sold Serenas Group NBK Capital has provided İş Venture Capital has acquired of the shares of mezzanine financing to shares of has bought has sold
Ode Yalıtım San. ve Tic. A.Ş. (Insulation) Glass Corp. Anadolu Efes shares at the 70% of its shares to GL Events. Toksöz Spor wholesale market. Financial Advisor to Seller Financial Advisor to Buyer Whosale Market Advisory Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Buyer 1.9 billion US$ Deal Value Deal Value 10,500,000 US$ Deal Value Deal Value Undisclosed Undisclosed Undisclosed Undisclosed IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part IV) 26
August 2011 July 2011 June 2011 May 2011 March 2011 March 2011
İş Venture Capital CCI International Holland B.V. Compass Group has acquired Poliya has acquired resins İş Venture Capital İş Venture Capital has acquired 50% of the shares has acquired 20% of the shares 100% of the shares of business of has sold has sold of of
Probil A.Ş. Frik İlaç San ve Tic A.Ş. Aras kargo A.Ş. Sofra Group A.Ş. Cam Elyaf Sanayi A.Ş. Coca Cola Bottling of Iraq
Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Buyer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Acquirer Deal Value Deal Value 4,000,000 US$ 30,500,000 US$ 10,800,000 US$ Undisclosed Undisclosed 36,900,000 US$
February 2011 January 2011 October 2010 September 2010 September 2010 August 2010 Asseco South Eastern Europe Anadolu Sigorta sold 35.53% of T.Şişe ve Cam Fabrikaları A.Ş. Investcorp acquired minority has acquired its shares to Mahle GmBH has acquired the sold 4,04% of its shares to shares in Bayraktarlar Holding A.Ş. has remaining 40% of the shares of acquired 100% of shares of
Mopisan Motor Gömlek Piston ITD İletişim Teknoloji Odelo Group T. İş Bankası Milli Reasürans TAS San. ve Tic. A.Ş. Tiryaki Agro Danışmanlık Tic. A.Ş. . Financial Advisor. to Acquirer . Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor. to Seller Deal Value Deal Value 77,741,166 US$ 172,222,222 US$ 50,000,000 US$ 14,110,000 US$ Undisclosed Undisclosed
August 2010 May 2010 February 2010 February 2010 December 2009 December 2009 Privatization Administration Privatization Administration Privatization Administration Privatization Administration Binbir Gıda Tarım Ürünleri Binbir Gıda Tarım Ürünleri has sold has sold has sold has sold has acquired has acquired Trakya Elektrik Dağıtım A.Ş. Bayburt, Çemişgezek and Fırat Elektrik Dağıtım A.Ş Van Gölü Elektrik Dağıtım A.Ş Girlevik HEPP Çamaltı Tuzlaları Ayvalık Tuzlaları belonging to belonging to
to to to Aksa Elektrik Parakende Satış Aksa Elektrik Perakende Satış to Aksa Elektrik Perakende Satış A.Ş.Üretim A.Ş. A.Ş. A.Ş. Boydak Elektrik Üretim A.Ş. Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Seller
622,000,000 US$ 29,050,000 US$ 230,300,000 US$ 100,100,000 US$ 76,000,000 US$ 6,000,000 US$ IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part V) 27
December 2009 November 2009 October 2009 October 2009 October 2009 May 2009 İş REIT Tiway Oil Privatization Administration has Privatization Administration İş Venture Capital Ak-Al Tekstil sold Museums and Historical has sold has acquired has acquired Sites Ticketing Servies Çoruh Elektrik Dağıtım A.Ş Aksu İplik Dokuma ve Boya Apre Fabrikaları T.A.Ş.
to has acquired 6.67% share of has acquired Paşabahçe Tuzla Aksa Elektrik Perakende Satış Havaş Ground Handling Toreador Turkey A.Ş. Porcelain Factory to Bilkent Kültür Girişim
Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Acquirer
23,000,000 US$ 227,000,000 US$ 10,000,000 US$ 15,000,000 US$ 11,000,000 US$
January 2009 November 2008 September 2008 June 2008 June 2008 June 2008 Anadolu Efes Biracılık Medtur Gıda – FEM O.G.G. Falp Kongre Toplantı Hiz. Coca Cola İçecek İş Venture Capital FEM O.G.G Otomotiv ve Turizm A.Ş. ve Malt San. has acquired has acquired has acquired Tekel Nargile & Tütün Markaları has acquired Frik İlaç San. ve Tic. A.Ş. Ayvalık Tuzlaları and all related assets Beyaz Filo Oto Kiralama A.Ş. belonging to belonging to (car fleet rental)
has acquired has acquired Etap Tarım ve Gıda Ürünleri Coca Cola Beverages Ambalaj San. ve Tic. Pakistan Ltd Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Acquirer 6,125,000 US$ 12,670,000 US$ 13,358,325 US$ 305,000 US$ 8,750,000 US$ 80,000,000 US$
June 2008 June 2008 June 2008 March 2008 February 2008 February 2008 Tarım Kredi Kooperatifleri Turkey İş Bank İş Venture Capital Turkey İş Bank BC Partners Privatization Administration has sold has sold has sold has sold has acquired has sold Anadolu Turizm İnşaat ve Tur. Step Halıcılık ve Mağazacılık ASMAŞ Ağır Sanayi Makinaları Tekel Tobacco A.Ş. (Port) A.Ş. (Textile)
Migros Türk A.Ş.
to to to to Purchase of Shares through a Nemtaş Nemrut Liman to Groupama Soda Sanayi A.Ş. Tender Call British American Tobacco İşletmeleri Swicorp Co. Financial Advisor to Seller Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller
280,000,000 US$ 10,773,377 US$ 6,750,000 US$ 9,753,035 US$ 1,196,000,000 US$ 1,720,000,000 US$ IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part VI) 28
January2008 December 2007 December 2007 November 2007 November 2007 November 2007 Mahle GmBH İş Venture Capital İş Venture Capital Ada Metal Geri Dönüşüm Ltd. Kemer Group Kemer Group has acquired has acquired has acquired has acquired has sold has sold
Port Kundu REIT LaVanta REIT Ecomelt Alüminyum Geri Mopisan Motor Gömlek Piston Turkmed Diyaliz ve Böbrek Ortopro Tıbbi Aletler Sanayi ve to to San. ve Tic. A.Ş. Sağlığı Kurumları A.Ş. Ticaret A.Ş. Kazanım Üretim ve Pazarlama A.Ş. Dolphin Capital Investors Ltd Dolphin Capital Investors Ltd. Financial Advisor to Seller Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Deal Value Deal Value 6,000,000 US$ 4,600,000 US$ 3,500,000 US$ Undisclosed 2,500,000 US$ Undisclosed
August 2007 June 2007 June2007 May 2007 October 2006 August 2006 İş REIT Danone Şişecam A.Ş. İş Venture Capital İş Venture Capital İş Venture Capital has sold has sold has acquired has acquired has sold Kanyon Ofis Merkezi (Office Center)
Mars Sinema Turizm ve Sportif Ferro Döküm Sanayi (Foundry) Tesisleri İşletmeciliği has acquired Ode Yalıtım San. ve Tic. A.Ş. Beyaz Filo Oto Kiralama A.Ş. to to to Çağlar Su (Water) (Insulation) (car fleet rental) Efesan Demir Çelik A.Ş. Eczacıbaşı İlaç Mars Entertainment Group A.Ş. Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Acquirer Financial Advisor to Seller
Deal Value 82,000,000 US$ 79,650,000 US$ 5,000,000 US$ 4,000,000 US$ 19,400,000 US$ Undisclosed
December 2005 November 2005 November October 2005 October 2005 October 2005 İş Venture Capital Privatization Administration 2005 Coca Cola İçecek A.Ş. Privatization Administration İş Bank has acquired has sold Privatization Administration has acquired has sold has sold has sold
Yavşan Tuz İşletmesi (Salt Pan) Kayacık Tuz İşletmesi (Salt Kaldırım Tuz İşletmesi (Salt Tüyap Tüm Fuarcılık Yapım A.Ş. to Pan) Pan) İzmir Demir Çelik A.Ş. Efes Sınai Yatırım Holding A.Ş. Cihanbeyli Madencilik Makine to to to Kimya Joint Venture Özmutlu Mad. İnş. ve Tic. A.Ş. Koyuncu Nakliye Pazarlama ve Şahin Koç Çelik Sanayii A.Ş. Ticaret A.Ş. Financial Advisor to Acquirer Financial Advisor to Seller – Birol Mutlu Joint Venture Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller 6,933,767 US$ 37,300,000 US$ 42,200,000 US$ 255,000,000 US$ 40,700,000 US$ 79,050,000 US$ IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part VII) 29
August 2005 July 2005 July 2005 July 2005 December 2004 November 2004 Privatization Administration Savings Deposit Insurance Fund Savings Deposit Insurance Fund Cinemaxx Privatization Administration Privatization Administration has sold (SDIF) (SDIF) belonging to Tepe Group has sold has sold has sold has sold Diyarbakır Pamuklu Sanayi Çanakkale Sentetik Deri İşletmesi (textiles) İşletmesi (textiles)
Cyprus Turkish Airlines Netsel Tourism Investment Co. to to to Netsel Tourism Investment Co. has been sold to M. Sait Dilek to ADA Havacılık Ltd. (Ada Havacılık to. Cinemars İremsan Kağıtçılık Turizm ve Taşımacılık Joint Group) Tek-Art Kalamış ve Fenerbahçe Marmara Turizm Tesisleri A.Ş. Toray İnşaat San. ve Tic. Sanayi ve Ticaret Ltd. Şti. Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller
33,000,000 US$ 12,000,000 US$ 8,000,000 US$ 13,600,000 US$ 2,500,000 US$ 2,100,000 US$
July 2004 May 2004 March 2004 February 2004 January 2004 December 2003 İş Venture Capital Privatization Administration Privatization Administration Privatization Administration Toros Tarımsal Üretim ve Privatization Administration has acquired has sold has sold has sold Pazarlama A.Ş. has sold Malatya Pamuklu Sanayi Adıyaman Pamuklu Sanayi İşletmesi (textiles) İşletmesi (textiles)
İstanbul Gübre Sanayi A.Ş. Tümosan Türk Motor Sanayi ve has acquired Ticaret A.Ş. (tractor company) (fertilizer) to Step Halıcılık ve Mağazacılık to Sepeksa Mensucat ve Toprak to A-D Tekstil İşletmeleri Sanayi Sanayi ve Ticaret A.Ş. (textiles) to MGG – Malatya Girişim Grubu Mahsülleri Tic. ve San. A.Ş. Yıldız Entegre Ağaç ve Ticaret A.Ş. Alçelik Yapı İnşaat A.Ş. (textiles) Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Acquirer Financial Advisor to Seller
3,500,000 US$ 27,200,000 US$ 100,500,000 US$ 6,400,000 US$ Undisclosed 1,450,000 US$
December 2003 December 2003 December 2003 October 2003 July 2003 July 2003 Privatization Administration Privatization Administration İş Venture Capital Privatization Administration İş Venture Capital Privatization Administration has sold has sold has acquired has sold has acquired has sold
TEKEL Alkollü İçkiler Çankırı Kaya Tuzu (Salt Pan) (alcoholic beverage) Taksan Machine Tool Gerkonsan Steel to to Nevotek Bilişim Ses ve İletişim Cinemars Cinema Chain to to Çankara Kaya Tuz San. ve Tic. Nurol-Limak-Özaltın-Tütsab Sistemleri San. ve Tic. A.Ş. HES Fiber Optik ve Elektronik Consortium Teknoteks Mühendislik İnşaat A.Ş. Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Acquirer Financial Advisor to Seller Financial Advisor to Acquirer Financial Advisor to Seller
292,000,000 US$ 3,015,000 US$ 3,000,000 US$ 535,079 US$ 5,000,000 US$ 10,000,000 US$ IS Investment Corporate Finance Mergers & Acquisitions Deal List (Part VIII) 30
May 2003 December 2002 December 2002 October 2002 July 2002 March 2002 İş Venture Capital Privatization Administration Petrol Ofisi İş Venture Capital İş Doğan Petrol Yatırımları A.Ş. TSKB (Industrial Development has sold has acquired has acquired Bank of Turkey) Sakarya Traktör Sanayi İşletmesi
İletişim Teknoloji Dan. A.Ş. has acquired To POAŞ has merged with Probil Bilgi İşlem Destek IT has acquired 25.83% Privatization İş Doğan Petrol Yatırımları A.Ş. Sınai Investment Bank Administration shares Sakarya 17 Ağustos OGG Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Acquirer Financial Advisor to Acquirer 1,850,000 US$ 2,300,000 US$ 1,050,000,000 US$ 3,200,000 US$ 240,000,000 US$ 48,000,000 US$
November 2000 November 2000 November 2000 November 2000 July 2000 Privatization Administration Privatization Administration Privatization Administration Privatization Administration İş Doğan Petrol Yatırımları A.Ş. has sold has sold has sold has sold TDI – Alanya Limanı (Port) TDI – Çeşme Port TDI – Dikili Port TDI – Kuşadası Port
to has acquired to to Dikili Liman ve Tur. İşl. OGG to 51% state shares held in Petrol Alanya Ticaret ve Sanayi Odası Çeşme Liman ve Turizm İşl. and Ege Akdeniz Liman İşl. OGG Limaş A.Ş. Ofisi Girişim Grubu OGG Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Acquirer
1,600,000 US$ 26,250,000 US$ 5,200,000 US$ 61,000,000 US$ 1,260,000,000 US$ IS Investment Corporate Finance International Block Sale & Advisory 31
500 MW HEPP Oltenia Electric privatization in Georgia Company Privatization
Advisory services to the Advisory services to the Uzbekistan Government Mongolian Government and Uzbekistan and Mongolian Privatization Privatization Administration Administration Financial Advisor to Buyer concerning the concerning the Financial Advisor to Buyer privatization efforts in privatization efforts in the country the country
Is Investment, through its London and Kazakhstan offices, and cooperation through its numerous correspondent banks, provides international advisory services IS Investment Corporate Finance Private Sector Public Offerings (Part I) 32
June 2017 November 2014 April 2013 November 2010 October 2010 March 2010 Mavi Ulusoy Elektrik Pegasus DO&CO Torunlar GYO Akfen Holdig
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $330.8 mn $75 mn $361 mn $90.5 mn $288.8 mn $65.1 mn
February 2010 November 2007 May 2007 May 2006 April 2006 November 2005 Koza Altın İşletmeleri A.Ş. Tekfen Holding İş Yatırım Coca Cola İçecek Selçuk Ecza Vakıfbank
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $435.5 mn $490.8 mn $74.2 mn $318.3 mn $181.8 mn $1,269.1 mn
July 2005 October 2004 April 2004 February 2002 February 2002 November 2000 Bim İş Girişim Y.O. DESA BJK. A.Ş. Atakule GYO Alkim Kağıt
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $214.2 mn $21.6 mn $16.1 mn $14 mn $18.8 mn $13,6 mn IS Investment Corporate Finance Private Sector Public Offerings (Part II) 33
September 2000 June 2000 May 2000 April 2000 March 2000 February 2000 SANKO Pazarlama Ayen Enerji Sinai Yatırım Bankası Soda Sanayii Alkim Alkali Kimya Anadolu Hayat
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $69 mn $51.6 mn $22.5 mn $38.4 mn $16.4 mn $69.3 mn
2000 1999 1999 1996 1996 1993 İş Finansal Kiralama İş GYO Yatırım Finansman Yatırım İş Yatırım Ortaklığı Akın Tekstil Aksu Ortaklığı
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $15 mn $57 mn $0.4 mn $7.9 mn $7 mn $17 mn
1993 1993 1992 1992 1991 1991 Anadolu Sigorta Koniteks Alarko Hürriyet Sun Elektronik Esbank
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $17.4 mn $0.4 mn $6 mn $7 mn $0.3 mn $16.1 mn IS Investment Corporate Finance Private Sector Public Offerings (Part III) 34
1991 1990 1990 1990 Lüks Kadife Dışbank Aselsan Trakya Cam
IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader $1.6 mn $35.9 mn $30.9 mn $81 mn IS Investment Corporate Finance Privatization via Public Offering (Part I) 35
May 2007 May 2006 November 2004 January 2002 1994 1993 Halkbank THY THY Petrol Ofisi TOFAŞ Fabrika Netaş
IPO SPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $1,837 mn $207.8 mn $191.3 mn $168.4 mn $322.8 mn $8.7 mn
1993 1991 1991 1991 1991 1991 Usaş Uçak Sanayi Tofaş Oto Tüpraş Afyon Çimento Adana Çimento Migros
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $15.2 mn $1 mn $6 mn $7.8 mn $28 mn $5.6 mn
1991 1991 1991 1991 1991 1990 Petrol Ofisi Ditaş Doğan Niğde Çimento Gima Tofaş Fabrika Konya Çimento
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $14.4 mn $0.2 mn $2.6 mn $0.4 mn $6.1 mn $17.7 mn IS Investment Corporate Finance Privatization via Public Offering (Part II) 36
1990 1990 1990 1990 1990 1990 Erdemir Ünye Çimento Çukurova Elektrik Kepez Elektrik Mardin Çimento Arçelik
IPO IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $53.1 mn $0.9 mn $38.8 mn $9.4 mn $9.2 mn 19.9 mn
1990 1990 1990 1990 1988 THY Bolu Çimento Çelik Halat Petkim Teletaş
IPO IPO IPO IPO IPO
Consortium Leader Consortium Leader Consortium Leader Consortium Leader Consortium Leader $5 mn $8.3 mn 7.8 mn $150.6 mn $13.1 mn IS Investment Corporate Finance Domestic Public Debt Issues (Part I) 37
2018 – 2011 2018 – 2010 2018 - 2010 2017 - 2014 2017 – 2012 2017 – 2014
3 months – 24 months 6 months, 1 -2 years 6 months, 1 year term 3 months – 3 years 3 months – 1 year term 3 – 6 months term term term term 14 issuances 21 issuances 8 issuances 224 issuances 45 issuances 17 issuances
TRY 72,010,342,422 TRY 6,647,260,519 TRY 2,056,477,937 TRY 710,000,000 TRY 3,730,430,174 TRY 886,772,000
2016 – 2012 2016 - 2014 2015 2015 - 2013 2015 – 2013 2014
18 months – 2 years 18 months – 2 years 6 months, 1 – 2 years 6 months – 3 years 6 months term term 2 – 3 years terms term term term 2 issuances 2 issuances 2 issuances 8 issuances
TRY 120,000,000 TRY 200,000,000 TRY 36,000,000 TRY 120,000,000 TRY 367,710,000 TRY 239,000,000
2013 2013 2013 2013 2012 2012
Finansman Türk A.Ş.
6 months – 1 year term 2 years term 2 years term 2 years term 2 years term 6 months term 2 issuances
TRY 60.000.000 TL TRY 75,000,000 TRY 30,000,000 TRY 15,000,000 TRY 25,000,000 TRY 150,000,000 IS Investment Corporate Finance Domestic Public Debt Issues (Part II) 38
2018 2017 6 months 2018 3 Years TRY 300,000,000 TRY 100,000,000 2 Years 2017 2015 2018 3 years 2014 2 Years TRY 80,000,000 TRY 100,000,000 3 Years 2 Tranch 2 Years 1 Tranch 3 Years 1 Tranch TRY 200,000,000 3 Years TRY 200,000,000 TRY 50,000,000 2015 2016 TRY 65,000,000 2 Years 2 Tranch 3 years 3 Tranch 2011 3 Years 2016 2 Years 2016 TRY 100,000,000 TRY 400,000,000 2 Years Total: TRY 80,000,000 2 Years 2 Tranch 2011 2014 TRY 100,000,000 TRY 43,500,000 2013 2010 2 Years 2 years 2 Tranch TRY 175,000,000 3 years 2 Years TRY 100,000,000 TRY 200,000,000 TRY 100,000,000 TRY 100,000,000
2015 2015 2015 2015 2014 2015 2 years 3 Years TRY 75,000,000 TRY 25,000,000 2 Years 2 Years 1 Year 2 Years 2014 2 Years
TRY 135,000,000 2 years TRY 110,000,000 TRY 150,000,000 TRY 55,000,000 TRY 25,000,000 TRY 75,000,000
2013 2013 2010 2011 2010 3 Years 2013 3 Years 2 Years 2 Years TRY 100,000,000 TRY 175,000,000 18 Months 2 Years 2012 2012 TRY 3,800,000 TRY 100,000,000 TRY 30,000,000 TRY 50,000,000 3 Years 3 Years TRY 100,000,000 TRY 150,000,000