PASHA Issues Asset-Backed Securities Worth 450 Million TL

Foreks - PASHA Investment Bank A.Ş, in collaboration with OMG Capital Advisors, has successfully completed the issuance of an Asset-Backed Security worth 450 million TL, structured in 5 tranches with an average maturity of 73 days, to be offered to qualified investors on behalf of Hepsiburada.

The recent technological changes and the alignment of the legal framework have made it possible to create a diversified pool of receivables with broad distribution and micro-scale diversification. While companies face numerous barriers in establishing a financial credit pool, the preference has shifted towards generating hundreds of thousands of commercial receivables on a micro-scale. Moreover, the decisions regarding the installment sales offered during this process are based on a rich dataset of digital information about customers.

In this context, a new issuance of Asset-Backed Securities has been completed under Hepsiburada's "Buy Now, Pay Later" solution, marking the beginning of a new era in the financing of retail commerce. The total size of the receivables pool subject to securitization is 600 million TL, consisting of approximately 465,000 receivables, each with an average value of 1,293 TL. Each Asset-Backed Security (ABK) will be amortized by the cash flow generated from its own collateral pool.

The ABK offers a simple return of 51%, and has been rated by Turk Rating in the category that indicates "the strongest debt repayment capability," with the highest investment-grade rating of Short-Term National Rating TR A1. The issuance was completed with demand exceeding the offered amount, attracting investors including investment funds, pension funds, insurance companies, corporate treasury departments, and qualified individual investors.