PASHA Bank is a pioneer in issuing asset-backed security (ABS), and after supporting the agricultural and automotive sectors, it did issue new assets, thus extending an indirect support to the agricultural sector. This 50 million TL ABS issue for Platin Kimya, based on the sums receivable from agricultural chemical sales, stands out with it’s A(-) JCR long-term national rating, 38 percent accounting rate of return, and 161-day average maturity.
Having turned its seventh year, and while extending brokerage services in the field of issuing investment banking capital market instruments like bonds, debentures, and ABS, PASHA Bank offers cash loans, project financing, leasing, forfaiting, receivables financing, foreign trade financing, and non-cash loans services to its customers. PASHA Bank is a pioneer in Turkey in ABS issues and had been founded to contribute to the development of trade among Turkey, Azerbaijan, and Georgia and to provide funds and guidance to the business that invest in the region. It issued a further 50 million TL worth of ABS with a 38 percent annual accounting rate of return and 161-day average maturity for Platin Kimya.
Making a statement about this matter, H. Cenk Eynehan, the General Manager of PASHA Bank said as follows: “We, as PASHA Bank, are offering ABS’, which is a reliable financial instrument, lately on the rise, to the capital market players. While on the one hand, contributing to the development of the agricultural and automotive sectors, on the other hand, we are offering investment options with a lucrative return to investors. Since 2020, the year in which the first party of ABS' were issued, we had offered 805 million TL financial support to both sectors. 720 million TL of this amount belongs to the agricultural sector and the 85 million TL to the automotive sector. With this new issue of 50 million TL, based on the sums receivable from agricultural chemicals, we continue to extend indirect support to the agricultural sector. In the first half of this year, we issued 420 million TL worth of ABS. We intend to reach a volume of 1 billion TL until the end of the year. Our issues will continue in the year 2022, and we will continue to support the real sector.
The ABS issue, based on the sums receivable from agricultural chemical sales by the Platin Kimya Mumessillik ve Dış Ticaret A.S. (Platin Chemistry Agency and Foreign Trade Joint Stock Co.), stands out with its JCR A (-) long-term national rating. Having been founded in 1999, Platin Kimya have since 2012 been producing agricultural chemicals and fertilizers in its facilities in Antalya Industrial Zone. Platin Kimya’s market share in the agricultural sector is about 5 percent.