PASHA Investment Bank Inc. and OMG Capital Advisors are pleased to announce the successful closing of a 500,000,000 TL Asset Backed Security with a simple yield of 42.75%. The ABS consists of 5 tranches with a weighted average maturity of 70 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 fourth issuance of Hepsiburada’s “Buy Now Pay Later” offering, and points to a new paradigm in retail financing. The collateral pool consists of some 434 thousand discrete receivables, each worth an average of TRY 1,372. 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 e-commerce 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.