The ISE introduces a new market : “Offerings Market for Qualified Investors”

The ISE introduces a new market : “Offerings Market for Qualified Investors”

Istanbul, May 4, 2010

The Istanbul Stock Exchange (ISE) introduces a new market segment under the Bonds and Bills Market, called “Offerings Market for Qualified Investors”, aimed at offering new financing opportunities for the ISE-traded companies.

The Market will start to operate on May 17th, where the borrowing instruments of the joint stock companies traded on the ISE National Market, Second National Market and the New Companies Market will be issued to “qualified investors” as defined in the capital markets legislation, in accordance with the regulations of the Capital Markets Board of Turkey (CMB).

In order to issue borrowing instruments to qualified investors, the issuer shall simultaneously register the instruments with the CMB and apply to the ISE for the sales of the borrowing instruments on the “Offerings Market for Qualified Investors” and for trading of such instruments on the Outright Purchases and Sales Market upon completion of the sales procedure. The application with the ISE may be filed for either all of the borrowing instruments to be issued within the relevant year or for each issue separately.

Borrowing instruments will be issued in the Market with “multiple price continuous auction” method. As no price margin will be applied in the market, issuers will be authorized to determine the issue price on the basis of demand during the session.

Furthermore, the secondary trading of the borrowing instruments issued in the “Offerings Market for Qualified Investors” will directly start on the Outright Purchases and Sales Market, without seeking any further requirements. The secondary trading of such borrowing instruments shall be realized by qualified investors only.