Istanbul, Turkey, 2 February 2016 – The European Bank for Reconstruction and Development (EBRD) invests in bonds issued by Ronesans Holding A.S. (Ronesans Holding), one of Turkey's largest construction and infrastructure companies.

Acting as an anchor investor, EBRD has invested TRY 100 million in the TRY 200 million bond issuance, the first in Turkey to use the Turkish Lira Interbank Offered Rate (TRLIBOR) as its benchmark rate. It is part of a larger TRY 500 million bond program of which two-thirds have already been issued. The capital raised will cover Ronesans Holding's funding needs and support the currency composition of Ronesans Holding's balance sheet. Investment in Ronesans Holding's bond issuance marks the first transaction under the EBRD's recently approved TRY 700 million program dedicated to supporting Turkish lira-denominated bonds.

"EBRD delivered very strong support for the Turkish economy as investments hit a record high of EUR 1.9 billion in 2015. Turkey reconfirmed its position as the top destination for EBRD finance. Hopefully, EBRD will continue to finance the Turkish economy and Turkish corporates in 2016 and this investment must be a solid sign of this expectation. We are happy and equally proud to have taken part in this first-of-its-kind transaction which underlines EBRD's commitment to support the Turkish economy," commented partner Muhsin Keskin.

A team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International, advised EBRD on the bond acquisition. Partner Muhsin Keskin advised EBRD with support from Senior Associate Caner Elmas and Associate Deniz Erden in Istanbul.

The proceeds from the EBRD investment will be used for the construction of a EUR 342 million state-of-the-art hospital in Elazig, Turkey, under a PPP scheme, and also for refinancing a portion of the existing debt of Ronesans Holding's balance sheet.