By Colin Hanner
Chicago, June 23 – Turkiye Is Bankasi AS (Isbank) sold $500 million 11-year tier 2 bonds (expected: B1//BB) at par to yield 7%, a market source said.
Price talk for the subordinated bonds was previously set in the low 7% area, a market source said.
The notes are non-callable until June 29, 2023 at which time the notes become callable at par. If the notes are not called by the date, the interest rate resets at five-year mid-swaps rate plus the initial credit spread.
The size of the books for the deal was more than $850 million, according to a market source.
Citigroup, Goldman Sachs International, MUFG, SG CIB and Standard Chartered Bank are joint bookrunners for the Rule 144A and Regulation S deal.
Isbank, based in Istanbul, is Turkey’s largest bank.
Issuer: | Turkiye Is Bankasi AS
|
Description: | Tier 2 subordinated notes
|
Amount: | $500 million
|
Maturity: | June 29, 2028
|
Bookrunners: | Citigroup, Goldman Sachs International, MUFG, SG CIB and Standard Chartered Bank
|
Coupon: | 7%, steps up to five-year mid-swaps plus initial credit spread on June 29, 2023
|
Price: | Par
|
Yield: | 7%
|
Call option: | Starting June 29, 2023 at par
|
Trade date: | June 23
|
Ratings: | Moody’s: B1
|
| Fitch: BB
|
Price talk: | 7%, revised from low 7% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.