Türkiye's Halkbank secures extra $1.1B funding after US case win

Türkiye's state-owned Halkbank announced on Tuesday that it secured an additional $1.1 billion from international markets after a US criminal case against the lender was dismissed. The move boosted its access to overseas funding and expanded its network of financial counterparties.

Funding boost brings total to $5B

The Istanbul-based lender had raised $3.9 billion through Additional Tier 1 subordinated debt and bilateral loan agreements prior to the court decision. The additional $1.1 billion brings total external funding raised before and after the dismissal to $5 billion, the bank said in a statement submitted to Türkiye's Public Disclosure Platform.

GMTN program and investor appetite

Halkbank established a $5 billion Global Medium-Term Note program on July 17 following board approval — a mechanism allowing financial institutions to issue multiple debt instruments in international markets under a single framework with flexibility regarding maturities, currencies and issuance timing. The bank noted that feedback from a recent non-deal roadshow with fixed-income investors indicated strong appetite for its planned issuances.

The lender reported a rapid increase in the number of counterparties since the case concluded in its favor. It stated it would continue strengthening its presence in international markets while assessing alternative funding channels to support a sustainable funding structure.