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Turkish lender Akbank raised $600 million through a capital-strengthening bond designed to support its core financial buffers, with international investors submitting demand exceeding $3.1 billion.
The bond was priced with a 7.95% coupon, making it the first such capital issuance by a Turkish bank to achieve a rate below 8%.
The Basel III-compliant bond has no fixed maturity but allows Akbank to redeem it after 5.5 years, according to a public filing.
Final orders settled at $2.6 billion after price revisions, with 97 foreign institutional investors participating in the transaction, including global investment funds and private banks, the bank stated.
Participants from the United Kingdom accounted for 30.3% of total allocations, followed by the United States at 29.1%. Investors from Europe represented 21.4%, while those from the Middle East and Asia made up 14.3% and 5%, respectively.
Akbank CEO Kaan Gur said the issuance helped strengthen the bank’s financial foundation and reflected continued global investor engagement with Turkish banking assets.
"With this transaction, we further strengthened our already solid capital adequacy while continuing to support the Turkish economy," he said.
"The high demand demonstrates investors’ interest in the Turkish economy and banking sector."
Akbank, whose 40% stake is held by industrial conglomerate Sabanci Holding, is the seventh-largest bank in Türkiye, with total assets of about €62.12 billion ($73.73 billion) as of September 2025.
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