I am very pleased to announce today that the Istanbul Metropolitan Municipality (IMM) has issued a $580 million senior unsecured bond to finance four metro line projects. This transaction breaks new ground as it marks the first-ever local government issuance out of Turkey in 30 years, the largest USD deal achieved by a city from the Central and Eastern Europe Middle East and Africa (CEEMEA) region, and the first municipal issuance out of CEEMEA since 2013.

The proceeds of the transaction will be used to finance the following metro lines in Istanbul:

  • Kaynarca – Pendik – Tuzla
  • Çekmeköy – Sancaktepe – Sultanbeyli
  • Kirazlı – Halkalı
  • Mahmutbey – Bahçeşehir – Esenyurt

In a move to ease the city’s traffic congestion problem, the new metro lines will introduce 39 new stations and an additional 52.1 kilometers to Istanbul’s metro railway system while serving 275,000 passengers hourly.

I am humbled by the high level of interest shown by investors to the bonds issued by the IMM. This is a product of the widespread trust in Istanbul’s new administration.