Turkish supermarket Migros gets European bank infusion

The European Bank for Reconstruction and Development has invested 30.8 million Turkish lira ($5.2 million) in lira-denominated bonds of a top Turkish supermarket chains, Migros.

"The new Turkish lira-denominated bond will be listed on Borsa Istanbul and its proceeds will reduce the company's foreign currency exposure," the bank announced on Dec. 23.

The total volume of bond issuance was 200 million Turkish liras ($33.6 million).

"The new issuance represents the fourth time the company is tapping into debt capital markets in Turkey and builds on the success of previous bonds in 2018 and early 2019, which were also backed by the EBRD," it added.

Migros is active in Turkey, Macedonia, and Kazakhstan.

The bank also provided a €60 million ($68.4 million) loan to Migros.

The EBRD, a leading institutional investor in Turkey, has invested over €12 billion (around $13.5 billion) in the country since 2009.