Chicago, Jan. 31 – Turkiye Ihracat Kredi Bankasi AS (Turk Eximbank) priced $500 million of 7½% notes due 2028, according to a market source.
The notes priced at 99.154 to yield 7¾%.
Talk started in the 8 1/8% area, then guidance moved the notes to 7¾% to 7 7/8% with a note that the deal would price within range.
Citigroup (billing and delivery), ING and Standard Chartered Bank were the global coordinators.
BBVA, Emirates NBD Capital, ICBC, MUFG, SMBC Nikko and Societe Generale were also joint bookrunners for the Rule 144A and Regulation S deal.
The final order book was over $2.5 billion.
Proceeds will be used for general corporate purposes.
Ankara, Turkey-based Turk Eximbank is an export credit agency owned by the Turkish state.
| Issuer: | Turkiye Ihracat Kredi Bankasi AS
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | Feb. 6, 2028
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| Bookrunners: | Citigroup (billing and delivery), ING, Standard Chartered Bank (global coordinators), BBVA, Emirates NBD Capital, ICBC, MUFG, SMBC Nikko and Societe Generale
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| Coupon: | 7½%
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| Price: | 99.154
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| Yield: | 7¾%
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| Trade date: | Jan. 31
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| Settlement date: | Feb. 6
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| Rating: | Fitch: B-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 8 1/8% area; guidance of 7¾% to 7 7/8% with a note of pricing within range
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| ISINs: | XS2750476603, US90015LAJ61
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