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B&P Acts for EBRD's First Financing of Migros in Turkey

Bezen & Partners has acted for EBRD in relation to its subscription for a domestic corporate bond issuance by Migros Ticaret A.Ş. to qualified investors.

EBRD invested TRY 30 million in the TRY 150 million Turkish-lira-denominated bond issuance by the country’s second-largest retailer, Migros. The transaction marks the first debt instrument issuance for the leading retail company.

The issuance was arranged by İş Investment and the proceeds will refinance short-term loans.

The Bank’s investment comes at a time of high volatility in the lira, when the right financing mix, including local currency financing, is critical for Turkish companies. It also reinforces the EBRD’s commitment to developing and deepening local currency and local capital markets.” the EBRD said.

Migros Ticaret A.Ş. is one of the largest retail companies in Turkey, and this transaction marks the EBRD’s first financing of Migros in Turkey. We are delighted to have been involved in advising EBRD in this project.” says partner Murat Soylu.


Migros operates in all 81 cities in Turkey, through a network of 1,976 food retail stotes under Migros, M-Jet, 5M and Macrocenter banners. Migros also operates in Kazakhstan and FYR Macedonia with 41 Ramstore outlets.

Listed on Borsa Istanbul, the company is owned 50 per cent by Anadolu Group, a diversified fast-moving consumer goods group and a longstanding partner of the EBRD. Of the remaining shares, 23 per cent belong to private equity group BC Partners and 27 per cent are held by free-float investors.


The transaction marks the EBRD’s first financing of Migros in Turkey, having previously financed the retailer’s operations in Kazakhstan.

Turkey is the top destination for EBRD financing, focusing on strengthening the competitiveness of the private sector, and deepening the capital and local currency market with 51 projects over €1.6 billion invested in 2017 alone.

To date, the EBRD has invested in 267 projects in an amount of over €10 billion in various sectors of the Turkish economy, with 97% of investments made in the private sector. Nearly a third of this financing was provided in Turkish lira.

Bezen & Partners team

The Bezen & Partners team advising on the domestic bond issuance process was led by partners Yeşim Bezen, Murat Soylu and senior associate Can Özilhan.