Asset-Backed Security issuance of 450,000,000 TL by PASHA Investment Bank Inc., on behalf of Hepsiburada, under the advisory of OMG Capital Advisors
PASHA Investment Bank Inc. and OMG Capital Advisors are pleased to announce the successful closing of a 450,000,000 TL Asset Backed Security with a simple yield of 51%. The ABS consists of 5 tranches with a weighted average maturity of 73 days and has been rated TR A1 (The highest rating of the investment-grade class).
Recent technological advancements and updates to the legal infrastructure have made it possible to create diversified and highly granular pools of receivables. While forming a financial loan pool often poses significant challenges, companies now increasingly leverage micro-scale receivables, numbering in the hundreds of thousands. Furthermore, the decision to sell on credit is based on a rich set of digital data.
This is the third issuance of Hepsiburada’s “Buy Now Pay Later” offering, and points to a new paradigm in retail financing. The collateral pool consists of some 464,203 discrete receivables, each worth an average of TRY 1,293. Unlike unsecured notes, each ABS will be self-liquidating through its own ring-fenced collateral pool.
The issuance was met with strong demand, exceeding the offered amount, and attracted a wide range of investors, including investment funds, pension funds, insurance companies, corporate treasury departments, and qualified individual investors.
Hepsiburada is a leading e-commerce technology platform in Türkiye, connecting over 12.3 million active customers with over 280 million stock keeping units across over 30 product categories. Hepsiburada provides a broad ecosystem of capabilities for merchants and consumers including: last-mile delivery and fulfilment services, advertising services, and payment solutions offered through Hepsipay, Hepsiburada’s payment companion and BNPL solutions provider. Hepsiburada is proud to be the only company from Türkiye listed on NASDAQ.
OMG Capital Advisors, a capital markets advisory firm based in Istanbul, Turkey acted as the exclusive advisor for all parties involved in respect to origination, structuring, and placement.