Migros Ticaret - Bond (EBRD-50147)

  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 4, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 21.65 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 110
Converted using 2018-08-03 exchange rate.
Project Cost (USD)
$ 196.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 1000
Converted using 2018-08-03 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 17, 2018

Disclosed by Bank Aug 3, 2018

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Project Description

This project invests in a bond issued by Migros Ticaret A.S., the proceeds of which will be used to refinance existing short-term loans taken on by the company.

Investment Description

This is Migros Ticaret A.S's first bond issuance totaling TRY 150 million (EUR 27 million). The bond is listed on Borsa Istanbul.

The issuance is the first part of a continuing series under a bond programme with a total aggregate size of TRY 550 million (EUR 99 million). The Bank has approval for an investment of up to TRY 110 million (EUR 19.8 million) in the entire programme. Migros has an approval from Capital Markets Board to increase the issuance up to TRY 1 billion (EUR 180 million) if they choose to.

The bond will be denominated in local currency comprising of sub-tranches indexed to Turkish Lira Interbank Offer Rate (TRLIBOR) and Constant Maturity Treasury Reference (CMTR) as its benchmark rates with maturities of three and two years respectively. As part of this issuance Migros has received a credit rating of AA-/Stable outlook from Fitch.

Private Actors Description

Migros operates in 81 Turkish provinces, through a network of 1,976 food retail stores under Migros, M-Jet, 5M, and Macrocenter banners. The Company is also active in Kazakhstan and FYR Macedonia with 41 Ramstore outlets. Migros is 50% owned by Anadolu Grubu Holding A.S., the holding company of Anadolu Group. The remaining shareholding (23.2%) is held by a private equity consortium, and the remainder (26.8%) is free float on the Borsa Istanbul.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Anadolu Grubu Holding A.S. Parent Company -
- - - - Migros Ticaret A.S. Client -

Contact Information

Cem Dogan (Finance Director)
+ 90 216 579 30 00
Migros Ticaret A.S., Ataturk Mahallesi, Turgut Ozal Bulvari, No:7, Atasehir, Istanbul, Turkey

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.