New Issue: Sinai Kalkinma Bankasi prices $350 million 5 1/8% five-year notes at 375 bps spread

By Christine Van Dusen

Atlanta, April 16 – Turkey’s Turkiye Sinai Kalkinma Bankasi AS priced a $350 million issue of 5 1/8% five-year notes (expected ratings: Baa3//BBB-) at 99.591 to yield 5.219%, or mid-swaps plus 375 basis points, a market source said.

BNP Paribas, Citigroup, Commerzbank, ING and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The issuer is a subsidiary of Istanbul-based Turkiye Is Bankasi AS (Isbank).

Issuer:	Turkiye Sinai Kalkinma Bankasi AS
Amount:	$350 million
Maturity:	April 22, 2020
Description:	Senior notes
Bookrunners:	BNP Paribas, Citigroup, Commerzbank, ING, Standard Chartered Bank
Coupon:	5 1/8%
Price:	99.591
Yield:	5.219%
Spread:	Mid-swaps plus 375 bps
Trade date:	April 15
Settlement date:	April 22
Expected ratings:	Moody’s: Baa3
	Fitch: BBB-
Distribution:	Regulation S

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