IMM authorized banks to borrow in dollars

The Istanbul Metropolitan Municipality (IMM) authorized banks to organize investor meetings for the issuance of five-year dollar-denominated green bonds.

Last week, Istanbul Metropolitan Municipality received permission from the regulatory agency to issue bonds worth up to $715 million abroad.

As reported by IFR, one of the services of the London Stock Exchange Group (LSEG), which operates the London Stock Exchange, BofA Securities, Emirates NBD Capital, ING, JP Morgan and Societe Generale were authorized for investor meetings that will begin today.

Following investor meetings, five-year bonds are expected to be issued if market conditions are appropriate.

IMM issued bonds worth $580 million in 2020 and $305 million in 2022. The first of the bonds traded in international markets will be redeemed at the end of 2025, and the second in April 2027. (REUTERS)