Offering Market for Qualified Investors

Offering Market for Qualified Investors

The Offering Market for Qualified Investors is the market where debt securities of the issuers defined in the related CMB Communiqué are issued to “qualified investors” as defined in the capital markets legislation, in accordance with the regulations of the Capital Markets Board of Turkey.Debt Securities , which are issued to qualified investors in the “Offering Market for Qualified Investors” start trading as unlisted securities on the Outright Purchases and Sales Market, following the completion of the issuance or expiry of the issuance period without further requirements.

The issuance period for the securities to be issued on the Market cannot exceed 7 days. The whole issue amount declared to the Exchange has to be sold on the Matket. It is possible, however, in the additional period provided by Borsa İstanbul management to continue the issuance of the unsold part during the initial issuance period. At the end of the second period, the offering of the remaining unsold part has to be cancelled.

Order and Price Types

Validity Periods of Orders

Orders are valid until 14:00 hrs on the day they are placed. The intermediary institutions can cancel or modify the unmatched orders whenever they want.

Value Date

Same-day valuedate transactions can be conducted on the Market.

Price Base

Trading orders are transmitted in the currency of issue of the security over a price base of 100 units.

Offering Price

The issuer can determine the issue price freely during the offering period, as well as modify the price of the unmatched, or partly-matched sale orders.

Order Rules

Order Matching Rules

In the market, orders are matched using the “multiple price-continuous auction" method. The matching of two counter orders in the Outright Purchases and Sales Market is enabled through giving priority to the highest price in purchase and the lowest price in sale. If orders have the same price, time priority is applied.

In addition to matching of orders with equal prices, two counter orders are matched when a sell order with a lower price than the price of the existing buy order is received, or when a buy order with a higher price than the price of the sell order is received. Where price equality does not exist, the price of the order which had been entered in the system earlier is the trading price.

Order Entry Methods

Orders are transmitted over a certain price type or yield determined by Borsa İstanbul for each security.

Price and Yield Ticks

A tick of TL 0.001 applies to orders transmitted over clean or dirty price in the market while a tick of 0.01% applies to orders transmitted over yield.

Order Entry Methods

Orders are transmitted over a certain price type or yield determined by Borsa İstanbul for each security.

Price and Yield Ticks

A tick of TL 0.001 applies to orders transmitted over clean or dirty price in the market while a tick of 0.01% applies to orders transmitted over yield.

Order Change

Unmatched orders and unexecuted parts of matched orders transmitted to the market can be changed.

While the change in the price/return of the order, increase in nominal value and change of account holder of the trade lead to the loss of time priority, the reduction of nominal amount and change in representative reference do not give rise to the loss of time priority.

Order Cancellation

Unmatched orders and the unexecuted part of matched orders transmitted to the market can be canceled.

Order Size

Orders are placed in the minimum order size and its multiples with regard to the nominal value of the underlying debt security.

The minimum and maximum order sizes in effect are as follows:

Minimum Maximum
50.000 50.000.000