State-run lender Ziraat Bankasi said on Tuesday in a filing with the Bourse Istanbul (BIST) that it applied to the Turkish banking watchdog BDDK to issue up to USD 3bn worth of bonds/bills in foreign markets with different maturities. Ziraat will establish a Global Medium Term Note Program to issue Eurobonds and will issue the papers without public offerings, the statement detailed. In a separate filing with the BIST, Ziraat informed that it also applied to the BDDK in order to issue up to TRY 8bn ( EUR 2.8bn ) worth of bank bonds/bills with maturities up to five years in domestic markets. Last week, the lender informed that it mandated its headquarters to issue up to USD 3bn worth of bonds/bills in foreign markets with different maturities and to issue up to TRY 15bn worth of bank bonds/bills with maturities up to five years in domestic markets. Last month, rating agency Fitch affirmed long-term foreign currency IDRs of and ZiraatBankasi at BBB- while it affirmed long-term local currency IDRs of the lender at BBB, outlooks were stable. The rating action reflected Fitch's opinion that the probability of state support for Ziraat in case of need was high, underpinned by its state ownership, systemic importance, the track record of support to date and the still moderate size of the bank relative to Turkey's GDP. Turkish government has a full stake in Ziraat Bankasi.
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