TÜRKİYE VAKIFLAR BANKASI T.A.O. 2019 - Investor Report.pdfTÜRKİYE VAKIFLAR BANKASI T.A.O. Covered Bond Programme (Turkey) Monthly Investor Report: [01/02/2019] to [28/02/2019]

TÜRKİYE VAKIFLAR BANKASI T.A.O.

Covered Bond Programme (Turkey)

Monthly Investor Report: [01/02/2019] to [28/02/2019]

Cut-off date: [28/02/2019]

1.1 Group

Group parent company

Group consolidated financial information (link)

Rating Rating Watch Outlook

1.2 Fitch B+ - Not on Watch

Moody's B1 - Negative

S&P N/A N/A N/A

1.3 Covered Bond Issuer

Name of the Covered Bond Issuer

Country in which the Issuer is based

Financial information (link)

1.4 Covered Bonds Ratings

Rating Rating Watch Outlook

Covered Bonds Rating Moody's Ba1 - Not on Watch

1.5 Transaction Parties

Role Name Rating (Moody's/S&P/Fitch)

Issuer T. Vakıflar Bankası T.A.O. B1/B+/B+

Security Agent The Bank Of New York Mellon Aa2/AA-/AA

Natixis, London Branch Aa3/A+/A+

Societe Generale A1/A/A+

ING Bank, N.V. Aa3/A+/A+

Offshore Account Bank The Bank Of New York Mellon Aa2/AA-/AA

Fiscal & Paying Agent The Bank Of New York Mellon Aa2/AA-/AA

Calculation Agent The Bank Of New York Mellon Aa2/AA-/AA

Registrar, Exchange Agent, Transfer Agent The Bank Of New York Mellon Aa2/AA-/AA

Listing Agent Arthur Cox Listing Services Limited NR/NR/NR

Cover Monitor KPMG Bagımsız Denetim ve SMMM A.S. NR/NR/NR

1.6 Outstanding Covered Bonds

ISIN Issue Date Currency Issue Amount FX Rate (FX/TL) Issue Amount TL Legal Maturity Date Maturity Yrs Int. rate type Interest rate

XS1403416222 4.05.2016 EUR 500,000,000 0.3138 1,593,500,000 4.05.2021 5 Fixed 2.375%

XS1696658266 9.10.2017 TRY 1,333,000,000 - 1,333,000,000 9.04.2023 5.5 Fixed -

XS1734690396 14.12.2017 TRY 1,333,000,000 - 1,333,000,000 14.12.2022 5 Fixed -

XS1780255623 28.02.2018 TRY 1,000,000,000 - 1,000,000,000 28.02.2023 5 Fixed -

XS1918882272 7.12.2018 TRY 1,000,000,000 - 1,000,000,000 7.12.2023 5 Fixed -

XS1938440069 22.01.2019 TRY 396,300,000 - 396,300,000 22.01.2027 8 Fixed -

XS1950946241 12.02.2019 TRY 1,118,200,000 - 1,118,200,000 12.02.2027 8 Fixed -

1.7 Overcollateralisation Ratios

%

Legal ("coverage ratio") 2%

[Contractual] 22.5%

Current (inc. XCCY) 103.3%

Current 71.6%

http://www.vakifbank.com.tr/tas-consolidated.aspx?pageID=646

1. PROGRAMME OVERVIEW

Senior Unsecured rating (group parent company)

http://www.vakifbank.com.tr/Default.aspx?pageID=1361

Turkey

T. Vakıflar Bankası T.A.O.

Information on the legal framework (link)http://www.cmb.gov.tr/apps/teblig/displayteblig.aspx?id=495&ct=f&action=displayfile

http://www.resmigazete.gov.tr/eskiler/2-14/-1/2-14-121-14.htm

Hedging Counterparties



1

http://www.vakifbank.com.tr/tas-consolidated.aspx?pageID=646

http://www.vakifbank.com.tr/Default.aspx?pageID=1361

http://www.cmb.gov.tr/apps/teblig/displayteblig.aspx?id=495&ct=f&action=displayfile

http://www.resmigazete.gov.tr/eskiler/2014/01/20140121-14.htm




Cut-off date: [28/02/2019]

2. STATUTORY TESTS & EVENTS

2.1 Events

Issuer Event Occured NO

Event of Default Occured NO

2.2 Nominal Value Test 2.5 Net Present Value Stress Test

Test date: 28.02.2019 Test date: 28.02.2019

Nominal value of total mortgage assets (TRY) 15,568,218,859 Note: No foreign interest rate stresses are run as neither CBs nor CP assets are based on floating foreign rates

minus Nominal value of non-eligible mortgage assets (TRY) 0

Nominal value of eligible mortgage assets (TRY) 15,568,218,859 CPR 10.0%

Nominal value of substitute assets (TRY) 240,000,000 Prepayment fee (% of notional repaid) 2.0%

Nominal value of total cover assets (TRY) 15,808,218,859

Total nominal value of EUR-denominated covered bonds (EUR) 500,000,000 Stress Test: TRY swap rates up

TRY equivalent nominal of EUR-denominated covered bonds 3,034,250,000

Nominal value of TRY-denominated covered bonds (TRY) 6,180,500,000 Stressed NPV of mortgage assets (TRY) (inc. prepayment fees) 12,449,986,273

Nominal value of covered bonds (TRY) 9,214,750,000 Stressed NPV of substitute assets (TRY) 151,055,654

Total stressed NPV of cover assets (TRY) 12,601,041,927

Test passed? YES

Stressed NPV of covered bonds (TRY) (post XCCY) 6,377,388,718

2.3 Cash Flow Matching Test Required overcollateralisation 2.0%

Test date: 28.02.2019 Stressed NPV of all liabilities (inc XCCY) (TRY) including required overcollateralisation 6,504,936,492

Interest receipts from mortgage assets (TRY) 1,740,609,689 Test passed? YES

Interest receipts from substitute assets (TRY) 19,350,000

Total interest receipts from cover assets (TRY) 1,759,959,689

Stress Test: TRY swap rates down

Total payments under EUR-denominated covered bonds (EUR) 11,875,000 Stressed NPV of mortgage assets (TRY) (inc. prepayment fees) 13,967,867,968

Total payments under TRY-denominated covered bonds (TRY) 985,741,083 Stressed NPV of substitute assets (TRY) 181,664,599

Total stressed NPV of cover assets (TRY) 14,149,532,567

Receipts under the XCCY (EUR) 11,875,000

Payments under the XCCY (TRY) 215,122,500 Stressed NPV of covered bonds (TRY) (post XCCY) 6,639,876,903

Required overcollateralisation 2.0%

Total net payments denominated in EUR (inc XCCY) (EUR) 0 Stressed NPV of all liabilities (inc XCCY) (TRY) including required overcollateralisation 6,772,674,442

Total net payments denominated in TRY (inc XCCY) (TRY) 1,200,863,583

Test passed? YES

Total payments under all liabilities (inc XCCY) (TRY) 1,200,863,583

Test passed? YES

Detailed information

-

-

2




Cut-off date: [28/02/2019]

2.4 Net Present Value Test

Test date: 28.02.2019

13,169,318,424

NPV of mortgage assets (TRY) 13,169,318,424 165,199,616

NPV of substitute assets (TRY) 165,199,616 13,334,518,040

Total NPV of cover assets (TRY) 13,334,518,040

537,876,327

NPV of EUR-denominated covered bonds (EUR) 537,876,327 5,492,775,763

NPV of TRY-denominated covered bonds (TRY) 5,492,775,763

537,876,327

NPV of receipts under the XCCY (EUR) 537,876,327 1,479,547,557

NPV of payments under the XCCY (TRY) 1,479,547,557

0

Total NPV for liabilities denominated in EUR (inc XCCY) (EUR) 0 0.12

Spot TRY EUR exchange rate 0.16 0

Total NPV for liabilities denominated in EUR (inc XCCY) (TRY) 0 6,972,323,320

Total NPV for liabilities denominated in TRY (inc XCCY) (TRY) 6,972,323,320

6,972,323,320

NPV of all liabilities (inc XCCY) (TRY) 6,972,323,320 2.0%

OC according to CMB Communique Article 17(2) 91% 7,111,769,787

Required overcollateralisation 2.0%

Substitute Assets/Liabilities (Article 18(3)) 2.37%

NPV of all liabilities (inc XCCY) (TRY) including required overcollateralisation 7,111,769,787 YES

Test passed? YES

13,169,318,424

2.6 Bond Legal Maturity 165,199,616

13,334,518,040

Maturity Outstanding (TL) % of outstanding

Less than 1 year 537,876,327

1 - 2 years 5,492,775,763

2 - 3 years 1,593,500,000 100%

3 - 4 years 537,876,327

4 - 5 years 4,666,000,000 100% 1,479,547,557

5 - 10 years 1,514,500,000 100%

Total Maturity 7,774,000,000 100% 0

0.21

0

6,972,323,320

6,972,323,320

2.0%

7,111,769,787

YES

Stress Test: TRY appreciation

Stressed NPV of mortgage assets (TRY) (inc. prepayment fees)

Stress Test: TRY depreciation

NPV of mortgage assets (TRY) (inc. prepayment fees)

NPV of substitute assets (TRY)

Total NPV of cover assets (TRY)

Stressed spot TRY EUR exchange rate (30% TRY depreciation)

Test passed?

Total NPV for liabilities denominated in TRY (inc XCCY) (TRY)

NPV of receipts under the XCCY (EUR)

Total NPV for liabilities denominated in EUR (inc XCCY) (EUR)

NPV of EUR-denominated covered bonds (EUR)

Total NPV for liabilities denominated in EUR (inc XCCY) (TRY)

NPV of all liabilities (inc XCCY) (TRY)

Required overcollateralisation

NPV of all liabilities (inc XCCY) (TRY) including required overcollateralisation

NPV of TRY-denominated covered bonds (TRY)

NPV of all liabilities (inc XCCY) (TRY) including required overcollateralisation

Test passed?

Stressed spot TRY EUR exchange rate (30% TRY appreciation)

Total NPV for liabilities denominated in EUR (inc XCCY) (TRY)

Total NPV for liabilities denominated in EUR (inc XCCY) (EUR)

Total stressed NPV of cover assets (TRY)

NPV of EUR-denominated covered bonds (EUR)

Total NPV for liabilities denominated in TRY (inc XCCY) (TRY)

Required overcollateralisation

NPV of all liabilities (inc XCCY) (TRY)

NPV of payments under the XCCY (TRY)

NPV of payments under the XCCY (TRY)

NPV of receipts under the XCCY (EUR)

NPV of TRY-denominated covered bonds (TRY)

Stressed NPV of substitute assets (TRY)

3




Cut-off date: [28/02/2019]

3.1 Portfolio Loan Summary

Reporting Date 4.03.2019

Period Start Date 1.02.2019

Period End Date 28.02.2019

Number of Mortgage Loans 215,328

Mortgage Loan Pool Size (TL) 15,568,218,859

% of total amount of cover assets 98.48%

Ineligible Assets (TL) -

Interest only Loans -

Loans with payment option -

Number of Borrower 213,656

Average Mortgage Loan Balance (TL) 72,300

Maximum Mortgage Loan Balance (TL) 4,649,681

Current Loan-to-Value Limit for Residential mortgage loans 80%

Weighted Average Current Loan-to-Value Ratio (Unindexed) 50.80%

Weighted Average Interest Rate (%) 11.71%

Weighted Average Seasoning (months) 31

Weighted Average Term to Maturity (months) 73

Maximum Term to Maturity (months) 174

Expected WAL of cover pool (yrs)* 3.25

Revenue Receipts for the Period (TL) 420,140,456

Principal Receipts for the Period (TL) 251,221,149

*Based on the portfolio scheduled amortisation profile

Substitute Assets Balance (TL) 240,000,000

% of total amount of cover assets 1.52%

3.2 Cover Assets Characteristics

Cover Assets Purposes Outstanding (TL) % of outstanding No. Of Contracts % of contracts

Mortgage Loans 15,568,218,859 98.482% 215,328 99.999%

Cash 0 0.000% 0 0.000%

Substitute Cover Assets types 0 0.000% 0 0.000%

Government bonds 240,000,000 1.518% 2 0.001%

Cash 0 0.000% 0 0.000%

Other Substitute Assets 0 0.000% 0 0.000%

Other Cover Assets 0 0.000% 0 0.000%

Total 15,808,218,859 100.000% 215,330 100.000%

3.3 Arrears and Defaulted Loans Outstanding

Outstanding (TL) % of outstanding No. Of Contracts % of contracts

Current 15,011,335,082 96.423% 207,536 96.381%

Past due 1 - 30 days 556,883,777 3.577% 7,792 3.619%

Past due 31 - 60 days 0 0.000% 0 0.000%

Past due 61 - 90 days 0 0.000% 0 0.000%

Defaulted Loans 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3. RESIDENTIAL COVER POOL DATA

4




Cut-off date: [28/02/2019]

3.4 Current Loan Balance


[ 0 ; 10000 [ 45,489,642 0.292% 6,142 2.852%

[ 10000 ; 15000 [ 125,261,940 0.805% 9,912 4.603%

[ 15000 ; 20000 [ 200,131,293 1.286% 11,427 5.307%

[ 20000 ; 25000 [ 265,926,615 1.708% 11,805 5.482%

[ 25000 ; 50000 [ 1,996,557,533 12.825% 54,024 25.089%

[ 50000 ; 75000 [ 2,603,887,789 16.726% 42,103 19.553%

[ 75000 ; 100000 [ 2,733,848,096 17.560% 31,511 14.634%

[ 100000 ; 125000 [ 2,073,699,280 13.320% 18,579 8.628%

[ 125000 ; 250000 [ 4,387,200,085 28.180% 26,825 12.458%

[ 250000 ; 1000000 [ 1,035,828,291 6.653% 2,940 1.365%

[ 1000000 ; 1500000 [ 42,969,323 0.276% 35 0.016%

[ 1500000 ; 2000000 [ 19,007,556 0.122% 11 0.005%

Over 2000000 TL 38,411,416 0.247% 14 0.007%

Total 15,568,218,859 100.000% 215,328 100.000%

3.5 Current LTV


[ 0% ; 10% [ 126,478,659 0.812% 8,843 4.107%

[ 10% ; 20% [ 762,920,692 4.901% 29,665 13.777%

[ 20% ; 30% [ 1,448,736,701 9.306% 34,620 16.078%

[ 30% ; 40% [ 2,277,730,526 14.631% 38,586 17.920%

[ 40% ; 50% [ 2,523,333,718 16.208% 31,863 14.797%

[ 50% ; 60% [ 2,766,582,443 17.771% 28,271 13.129%

[ 60% ; 70% [ 2,780,973,529 17.863% 23,372 10.854%

[ 70% ; 80% ] 2,881,462,591 18.509% 20,108 9.338%

Over 80% 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3.6 Interest Rate


[ 0% ; 5% [ 228,260 0.001% 2 0.001%

[ 5% ; 8% [ 253,569,043 1.629% 6,759 3.139%

[ 8% ; 9% [ 361,496,910 2.322% 10,461 4.858%

[ 9% ; 10% [ 825,204,862 5.301% 28,326 13.155%

[ 10% ; 11% [ 2,879,602,372 18.497% 49,079 22.793%

[ 11% ; 12% [ 4,667,384,229 29.980% 51,623 23.974%

[ 12% ; 15% [ 5,850,986,236 37.583% 62,833 29.180%

Over 15% 729,746,947 4.687% 6,245 2.900%

Total 15,568,218,859 100.000% 215,328 100.000%

5




Cut-off date: [28/02/2019]

3.7 Interest Rate Type


Fixed Rate 15,568,218,859 100.000% 215,328 100.000%

Floating Rate 0 0.000% 0 0.000%

Other 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3.8 Seasoning


[ 0 ; 12 [ 3,173,859,728 20.387% 24,937 11.581%

[ 12 ; 24 [ 4,548,598,521 29.217% 41,826 19.424%

[ 24 ; 36 [ 2,848,952,066 18.300% 34,890 16.203%

[ 36 ; 48 [ 1,597,044,642 10.258% 24,688 11.465%

[ 48 ; 54 [ 639,786,525 4.110% 12,414 5.765%

[ 54 ; 72 [ 1,920,550,419 12.336% 43,536 20.218%

[ 72 ; 96 [ 617,513,000 3.966% 21,174 9.833%

[ 96 ; 108 [ 204,073,591 1.311% 10,336 4.800%

[ 108 ; 120 [ 11,582,210 0.074% 1,170 0.543%

[ 120 ; 144 [ 1,749,847 0.011% 109 0.051%

[ 144 ; 168 [ 4,477,611 0.029% 246 0.114%

[ 168 ; 192 [ 30700 0.000% 2 0.001%

Over 192 months 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3.9 Year of Origination

Outstanding (TL) % of outstanding No. Of Contracts % of contracts Weighted Average Term to Maturity

2005 1,422,866 0.009% 87 0.040% 59.91

2006 3,085,445 0.020% 161 0.075% 60.52

2007 590,328 0.004% 38 0.018% 46.74

2008 1,137,998 0.007% 69 0.032% 51.71

2009 3,996,829 0.026% 510 0.237% 8.95

2010 104,362,710 0.670% 6,125 2.844% 20.36

2011 235,198,823 1.511% 10,216 4.744% 27.98

2012 192,791,320 1.238% 6,526 3.031% 39.55

2013 1,439,056,358 9.244% 37,820 17.564% 46.25

2014 1,080,607,009 6.941% 21,031 9.767% 57.90

2015 1,503,611,518 9.658% 25,099 11.656% 61.34

2016 2,970,699,269 19.082% 37,517 17.423% 69.73

2017 3,987,751,581 25.615% 37,816 17.562% 81.75

2018 3,856,798,054 24.774% 30,848 14.326% 90.72

2019 187,108,751 1.202% 1,465 0.680% 87.71

Total 15,568,218,859 100.000% 215,328 100.000% 73.07

6




Cut-off date: [28/02/2019]

3.10 Term to Maturity


[ 0 ; 12 [ 157,736,977 1.013% 9,534 4.428%

[ 12 ; 24 [ 809,759,891 5.201% 27,843 12.931%

[ 24 ; 36 [ 1,280,121,944 8.223% 29,129 13.528%

[ 36 ; 48 [ 1,436,621,428 9.228% 23,553 10.938%

[ 48 ; 54 [ 1,158,980,535 7.445% 18,435 8.561%

[ 54 ; 72 [ 2,393,865,269 15.377% 33,700 15.651%

[ 72 ; 96 [ 3,544,166,442 22.765% 36,516 16.958%

[ 96 ; 108 [ 2,496,116,777 16.033% 20,134 9.350%

[ 108 ; 120 [ 2,209,833,527 14.195% 15,883 7.376%

[ 120 ; 144 [ 78,942,273 0.507% 572 0.266%

[ 144 ; 168 [ 1,998,297 0.013% 28 0.013%

[ 168 ; 192 [ 75,499 0.000% 1 0.000%

Over 192 months 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3.11 Security Types


First Lien Mortgage 15,568,218,859 100.000% 215,328 100.000%

Non First Lien Mortgage 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3.12 Loan Purpose


Purchase 15,216,428,257 97.740% 202,784 94.174%

Re-mortgage 351,790,602 2.260% 12,544 5.826%

Construction loans 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3.13 Payment Type


Principal and Interest 15,568,218,859 100.000% 215,328 100.000%

Interest Only 0 0.000% 0 0.000%

Other 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

3.14 Prepayment Option


Loans with Prepayment option 15,568,218,859 100.000% 215,328 100.000%

Loans without Prepayment option 0 0.000% 0 0.000%

Total 15,568,218,859 100.000% 215,328 100.000%

7




Cut-off date: [28/02/2019]

3.15 Borrower Type


Employed 14,302,394,195 91.869% 201,699 93.671%

Retired / Pensioner 11,392,208 0.073% 212 0.098%

Self-Employed 1,254,432,455 8.058% 13,417 6.231%

Unemployed 0 0.000% 0 0.000

Total 15,568,218,859 100.000% 215,328 100.000%

3.16 Regional Distribution

Region Name Outstanding (TL) % of outstanding No. Of Contracts % of contracts

Aegean 2,681,192,134 17.222% 36,364 16.888%

Black Sea 955,817,517 6.140% 15,492 7.195%

Central Anatolia 3,119,257,796 20.036% 48,153 22.363%

Eastern Anatolia 315,586,160 2.027% 5,169 2.401%

Marmara 6,059,616,300 38.923% 76,230 35.402%

Mediterranean 1,721,426,036 11.057% 24,458 11.358%

Southeastern Anatolia 715,322,917 4.595% 9,462 4.394%

Total 15,568,218,859 100.000% 215,328 100.000%

City Name Outstanding (TL) % of outstanding No. Of Contracts % of contracts

Adana 379,122,332 2.435% 4,772 2.216%

Adıyaman 31,668,774 0.203% 418 0.194%

Afyon 74,677,752 0.480% 1,105 0.513%

Ağrı 7,489,483 0.048% 129 0.060%

Aksaray 20,070,323 0.129% 343 0.159%

Amasya 45,305,621 0.291% 813 0.378%

Ankara 2,192,283,383 14.082% 33,004 15.327%

Antalya 583,514,183 3.748% 8,321 3.864%

Ardahan 6,288,826 0.040% 111 0.052%

Artvin 33,546,723 0.215% 510 0.237%

Aydın 259,853,280 1.669% 3,748 1.741%

Balıkesir 171,829,527 1.104% 2,795 1.298%

Bartın 32,395,944 0.208% 503 0.234%

Batman 16,075,843 0.103% 219 0.102%

Bayburt 10,229,762 0.066% 185 0.086%

Bilecik 56,771,662 0.365% 1,130 0.525%

Bingöl 7,414,817 0.048% 126 0.059%

Bitlis 17,894,622 0.115% 285 0.132%

Bolu 67,957,103 0.437% 1,058 0.491%

Burdur 17,843,401 0.115% 271 0.126%

Bursa 574,593,647 3.691% 8,326 3.867%

Çanakkale 84,625,860 0.544% 1,371 0.637%

Çankırı 27,525,929 0.177% 584 0.271%

Çorum 43,165,095 0.277% 887 0.412%

Denizli 150,108,050 0.964% 2,180 1.012%

Diyarbakır 219,555,023 1.410% 2,982 1.385%

Düzce 32,386,887 0.208% 496 0.230%

Edirne 67,797,440 0.435% 1,170 0.543%

Elazığ 34,059,171 0.219% 620 0.288%

Erzincan 32,205,785 0.207% 555 0.258%

Erzurum 76,093,954 0.489% 1,121 0.521%

Eskisehir 175,263,287 1.126% 2,614 1.214%

Gaziantep 284,292,619 1.826% 3,312 1.538%

Giresun 36,525,877 0.235% 600 0.279%

Gümüşhane 10,988,373 0.071% 229 0.106%

Hakkari 425,323 0.003% 9 0.004%

Hatay 188,692,277 1.212% 2,836 1.317%

Iğdır 8,947,856 0.057% 152 0.071%

Isparta 34,156,030 0.219% 445 0.207%

Istanbul 4,048,074,508 26.002% 44,972 20.885%

İzmir 1,570,476,637 10.088% 20,153 9.359%

Kahramanmaraş 119,968,439 0.771% 1,780 0.827%

Karabük 68,878,065 0.442% 1,088 0.505%

8




Cut-off date: [28/02/2019]

Karaman 42,502,972 0.273% 694 0.322%

Kars 24,585,861 0.158% 404 0.188%

Kastamonu 32,728,336 0.210% 554 0.257%

Kayseri 169,929,246 1.092% 2,906 1.350%

Kilis 14,717,770 0.095% 229 0.106%

Kırıkkale 48,029,945 0.309% 838 0.389%

Kırklareli 96,799,320 0.622% 1,617 0.751%

Kırşehir 41,559,652 0.267% 698 0.324%

Kocaeli (İzmit) 453,902,538 2.916% 7,098 3.296%

Konya 205,924,199 1.323% 3,173 1.474%

Kütahya 57,190,224 0.367% 993 0.461%

Malatya 57,003,548 0.366% 1,019 0.473%

Manisa 352,964,920 2.267% 5,458 2.535%

Mardin 41,406,995 0.266% 715 0.332%

Mersin (İçel) 322,255,947 2.070% 4,828 2.242%

Muğla 168,803,166 1.084% 1,931 0.897%

Muş 4,985,335 0.032% 82 0.038%

Nevşehir 27,339,553 0.176% 426 0.198%

Niğde 25,645,036 0.165% 422 0.196%

Ordu 61,617,820 0.396% 963 0.447%

Osmaniye 75,873,426 0.487% 1,205 0.560%

Rize 26,049,922 0.167% 387 0.180%

Sakarya (Adapazarı) 147,971,321 0.950% 2,382 1.106%

Samsun 171,952,764 1.105% 2,840 1.319%

Şanlıurfa 97,536,660 0.627% 1,407 0.653%

Siirt 8,655,242 0.056% 155 0.072%

Sinop 29,299,781 0.188% 469 0.218%

Sivas 110,776,520 0.712% 1,869 0.868%

Şırnak 1,413,991 0.009% 25 0.012%

Tekirdağ 320,490,734 2.059% 4,838 2.247%

Tokat 109,090,816 0.701% 1,723 0.800%

Trabzon 64,417,025 0.414% 950 0.441%

Tunceli 16,340,707 0.105% 268 0.124%

Uşak 47,118,106 0.303% 796 0.370%

Van 21,850,872 0.140% 288 0.134%

Yalova 36,759,744 0.236% 531 0.247%

Yozgat 32,407,752 0.208% 582 0.270%

Zonguldak 79,281,606 0.509% 1,237 0.574%

Total 15,568,218,859 100.000% 215,328 100.000%

3.17 City Concentration


TOP 1 4,048,074,508 26.002% 44,972 20.885%

TOP 5 8,968,942,357 57.611% 114,776 53.303%

TOP 10 10,797,678,828 69.357% 141,770 65.839%

TOP 20 12,813,774,216 82.307% 171,358 79.580%

TOP 30 13,886,026,762 89.195% 187,678 87.159%

9

Documents

TÜRKİYE VAKIFLAR BANKASI T.A.O. 2019 - Investor Report.pdfTÜRKİYE VAKIFLAR BANKASI T.A.O. Covered Bond Programme (Turkey) Monthly Investor Report: [01/02/2019] to [28/02/2019]