Garanti Bank has closed its transaction comprising two new series of notes worth $225 million and €50 million ($72 million). The series of notes were issued under the firm's diversified payment rights (DPRs) program called Garanti Diversified Payment Rights Finance Co. 

The notes received a rating of ‘A-’ from Fitch Ratings, which makes it the highest standalone rating for a Turkish DPR issuance to date, a release from the company said.

The offering was jointly lead-arranged by WestLB, Wells Fargo, SMBC Nikko Securities, and Standard Chartered.

This is the second issuance from Garanti’s program in the last six months after another € 250 million transaction led by WestLB closed last December.  Since 2002, the program has raised a total of $5.6 billion over 32 series. 

The release stated that the notes provide medium to long-term foreign currency financing for the bank.

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