New Issue: Turk Eximbank prices $500 million 5 3/8% seven-year notes at 400 bps over mid-swaps

By Christine Van Dusen

Atlanta, Oct. 18 – Export Credit Bank of Turkey SA (Turk Eximbank) priced $500 million 5 3/8% seven-year notes (expected ratings: Ba1//BBB-) at 99.816 to yield 5.407%, or mid-swaps plus 400 basis points, following talk in the 410 bps area, a market source said.

Citigroup, HSBC, ING, Mizuho Securities, MUFG and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.

Proceeds will be used for general corporate purposes.

Turk Eximbank is an Ankara, Turkey-based export credit agency.

Issuer:	Export Credit Bank of Turkey SA (Turk Eximbank)
Amount:	$500 million
Maturity:	Oct. 24, 2023
Description:	Senior notes
Bookrunners:	Citigroup, HSBC, ING, Mizuho Securities, MUFG, Standard Chartered Bank
Coupon:	5 3/8%
Price:	99.816
Yield:	5.407%
Spread:	Mid-swaps plus 400 bps
Trade date:	Oct. 18
Settlement date:	Oct. 24
Expected ratings:	Moody's: Ba1
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S
Price talk:	Mid-swaps plus 410 bps area

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