Turkiye Ihracat Kredi Bankasi talks $500 million five-year notes at mid-swaps plus 287.5 bps area

By Rebecca Melvin

New York, Sept. 11 – Turkiye Ihracat Kredi Bankasi AS, the state-owned export-import bank of the Republic of Turkey, plans to price $500 million of five-year notes (expected ratings: Ba1//BB+), which were talked to yield in the mid-swaps plus 287.5 basis points area, according to a syndicate source on Monday.

The Rule 144A and Regulation S notes were being sold via bookrunners Citigroup, HSBC, ING, Mediobanca, Mizuho Securities and MUFG.

The notes, which will settle on Sept. 18, have a change-of-control put at 100% of Turk Eximport’s shares if Turkey ceases to control 100% of Turk Eximbank, or the bank’s ratings fall below Turkey’s rating, or ratings assigned to the notes are withdrawn and not reinstated within six months, or if Turkey ceases to own at least 50% of Turk Eximbank’s shares.

A listing on the Irish Stock Exchange is planned.

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