The Amendments to the Communiqué on Debt Securities No. VII-128.8 (”Debt Securities Communiqué”) and the Communiqué on Asset-Backed and Mortgage-Backed Securities No. III-58.1 (”ABS Communiqué”) entered into force through their publication in the Official Gazette No. 31154 dated June 13, 2020.
The Amendments are in line with the amendments made in the Covered Bonds Communiqué No. III-59.1 on May 14, 2020 (Changes to the Covered Bonds Communiqué), which reflects the approach set forth by the 11th Development Plan for 2019-2023 and the Presidency Annual Program for 2020 for issuances made by mortgage finance institutions (”MFIs”).
Issuance Ceiling Limits
CMB Fee Rates
Considering the potential economic effects of the COVID-19 outbreak, the CMB reduces MFIs’ issuance costs and lifts ceiling to further incentivize their issuances. In this respect, while the CMB invites MFIs to take a more active role in vulnerable economic conditions, it also provides them with a functional support mechanism through the abovementioned exemptions.
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