Recent Amendments To The Debt Securities Communiqué

The Debt Securities Communiqué (II-31.1) that has been in force since July 7, 2013, was amended with the Communiqué numbered II-31.1a published in the Official Gazette dated February 18, 2017, and the Communiqué numbered VII-128.7c published in the Official Gazette dated March 8, 2017. Along with the amendment, the name of the Communiqué has also been changed to Debt Securities Communiqué (VII-128.8) ("Communiqué"). This article examines the various amendments to the Communiqué.

Issuance of Debt Securities

The word, "bill" in the Communiqué has been amended to "financing bill." Prior to the amendment, the financing bills' and bonds' nominal values had to be paid on the maturity date; now, it is possible to pay the nominal values in installments prior to the maturity date. In this manner, the issuer, who has sufficient financial resources and liquidity, shall be able to return the capital before it matures.