With new players entering the Turkish market, the automotive sector has become more dynamic, and PASHA Bank has provided significant support to this movement. As a pioneering bank in Asset-Backed Securities (ABS) issuance, PASHA Bank, in collaboration with OMG Capital, is executing a TRY 350 million issuance. The issuance, with an average maturity of 318 days, stands out with a compound interest yield of 67.15%. The ABS is secured by the receivables from Maygold Otomotiv’s installment vehicle sales and holds a Turk Rating A3 rating.
Reaching an asset size of TRY 9.91 billion in 2023 and increasing its asset size by 63% in the first quarter of 2024 compared to the same period last year, PASHA Bank continues to support the real sectors, offer effective and innovative solutions to investors, and thus contribute to the development of financial markets with its experience and leadership in Asset-Backed Securities (ABS) issuances.
Since 2020, PASHA Bank has provided a total of TRY 2.8 billion in resources to the real sector and is conducting its first automotive issuance of this year. In collaboration with OMG Capital, the TRY 350 million issuance has an average maturity of 318 days and a compound interest yield of 67.15%. The ABS, secured by receivables from Maygold Otomotiv’s installment vehicle sales, also stands out with a Turk Rating A3 rating. This issuance, aimed at accelerating the automotive sector during a period where investments in the sector are prominent, is presented to investors as the only application of a collateral structure frequently seen abroad, now available in Türkiye.
Maygold Group of Companies operates primarily in the automotive and fuel sectors, followed by insurance, jewelry, and foreign exchange sectors, through its five active companies.
Maygold Otomotiv A.Ş. offers services such as second-hand installment vehicle sales (Otovadeli), cash vehicle sales, long-term leasing services primarily to public institutions (Maygold Filo), and daily car rental services to individual customers (Mayrent). Otovadeli.com is a platform where approximately 8,000 second-hand vehicles are currently displayed, and the number is increasing daily. It allows customers who wish to purchase vehicles on an installment basis to apply for the relevant vehicle. The vehicles showcased on the platform are part of the Maygold Otomotiv A.Ş. fleet, in collaboration with about 800 galleries/dealers.