Talk on Turkiye Ihracat Kredi Bankasi’s $500 million five-year notes now mid-swaps plus 262.5 bps

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+) to yield mid-swaps plus 262.5 basis points, according to a market source on Monday.

Talk on the Rule 144A and Regulation S notes was tightened from initial talk in the mid-swaps plus 287.5 bps area.

Citigroup, HSBC, ING, Mediobanca, Mizuho Securities and MUFG are bookrunners of the offering, which is expected to settle on Sept. 18.

There is 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control 100% of Turk Eximbank, or the bank’s ratings fall below Turkey’s ratings, or ratings assigned to the notes are withdrawn and not reinstated within six months, or if Turkey ceases to own at least 50% of Turk Eximbank’s shares.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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