My Market Wizard

D-MARKET Electronic Services & Trading 6-K Analysis & Summary – 3/14/2025

⚠️This is not investment advice.

⚠️ This is an experimental project and this report is for informational purposes only and should not be considered investment advice. Conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions. ⚠️

D-Market Electronic Services &

Filing date:

03/14/2025

TLDR:

D-MARKET Electronic Services & Trading (Hepsiburada) announced the fourth issuance of asset-backed securities amounting to TRY 500 million to grow its BNPL business.

ELI5:

Hepsiburada, a big online store in Turkey, borrowed 500 million Turkish Lira by selling special bonds. They’ll use this money to grow their ‘buy now, pay later’ service, which lets people purchase things and pay for them later.

Accession #:

0001104659-25-023747

Published on

Analyst Summary

  • Hepsiburada announced the fourth issuance of asset-backed securities amounting to TRY 500 million, settled on March 12, 2025.
  • The securities are issued within the scope of the TRY 2 billion limit given by the Capital Markets Board to Pasha Yatırım Bank Hepsiburada Varlık Finansman Fonu.
  • Hepsiburada participated as the originating entity with respect to its BNPL receivables.
  • The issue consists of five tranches with an average maturity of 70 days and an annual average interest rate of 42.75%.
  • The funds will be used to grow the BNPL business and reduce its impact on working capital.
  • Previous issuances include TRY 150 million (June 5, 2024), TRY 350 million (September 27, 2024), and TRY 450 million (December 4, 2024).

⚠️ This is an experimental project and this report is for informational purposes only and should not be considered investment advice. Conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions. ⚠️