PASHA Bank, a pioneer in Asset-Backed Securities (ABS) issuances, recently launched Türkiye's first digital platform to merge its ABS expertise with the digital world. One of the first issuances on this digital platform was for Hepsiburada, Türkiye's largest online shopping platform. Hepsiburada's first ABS issuance amounted to TRY 150 million, with an average maturity of 89 days and a simple interest yield of 55.10%.
PASHA Bank, which reached an asset size of TRY 9 billion 910 million in 2023, once again made history in Türkiye by taking its leadership in ABS to the digital realm. By pushing the boundaries of its leadership and professionalism in ABS, PASHA Bank has been adding value to its sector and providing innovative solutions to meet the financial needs of investors since its inception. With this innovative platform, which has found a new and significant place among the reflections of digital transformation and technology in the financial sector, all qualified investors, whether they are clients of PASHA Bank or not, can easily place their requests for ABS through PASHA Bank's website.
With this issuance conducted under Hepsiburada's "Buy Now Pay Later" solution for its customers, PASHA Bank has begun playing a role in financing retail trade. Under the consultancy of PASHA Bank and OMG Capital Advisors, the issuance for Hepsiburada, offered to qualified investors, was carried out in four tranches with an average maturity of 89 days, providing a simple interest yield of 55.10%. The ABS has been rated by Turk Rating in the category indicating "strongest debt repayment ability," receiving the highest short-term national rating of TR A1. The securitized asset pool, amounting to a total of TRY 188 million, consists of approximately 181,000 receivables, each averaging TRY 1,036 in value.
This issuance, one of the first through Türkiye's only digital ABS platform, marks PASHA Bank's foray into the retail sector's ABS experience. By launching the first online issuance on this platform for Hepsiburada, Türkiye's largest online shopping platform, PASHA Bank has increased the number of participants in the issuance process. The collaboration between these two major brands has provided investors with a practical and profitable solution. Hepsiburada, the first to carry out an ABS issuance, is a technology company that connects over 200 million products across more than 30 categories with customers, fulfilling approximately ten million orders monthly.