The European Bank for Reconstruction and Development (EBRD) announced yesterday that it has invested TL 30 million ($6.26 million) in the Turkish retailer Migros's lira-denominated bond of TL 150 million.

"The investment comes at a time of high volatility in the [Turkish] lira and reinforces the bank's commitment to the Turkish economy," the EBRD said in a statement. The issuance will be listed on Turkey's Borsa Istanbul Stock Exchange and the proceeds will refinance short-term loans. "It is the first time that the company is tapping debt capital markets," the bank said.

Migros operates in 81 provinces in Turkey, through a network of 1,976 food retail stores. It is also active in Kazakhstan and Macedonia with 41 Ramstore outlets. The transaction marks the EBRD's first financing of Migros in Turkey, having previously financed the retailer's operations in Kazakhstan.