By Christine Van Dusen
Atlanta, Oct. 20 - Turkey's KT Sukuk Varlik Kiralama AS priced a $350 million issue of 5 7/8% notes due Oct. 31, 2016 (//BBB-) at par to yield 5 7/8%, or mid-swaps plus 447.5 basis points, a market source said.
The notes were talked at a yield in the 6% area.
HSBC, Liquidity Management House and Standard Chartered Bank were the bookrunners for the Regulation S notes.
The notes include a change-of-control put if Kuwait Finance House ceases to own at least 51% of Kuveyt Turk Katilim Bankasi, the guarantor and an Istanbul-based Islamic financial institution.
| Issuer: | KT Sukuk Varlik Kiralama AS
|
| Amount: | $350 million
|
| Maturity: | Oct. 31, 2016
|
| Description: | Senior notes
|
| Bookrunners: | HSBC, Liquidity Management House, Standard Chartered Bank
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | Mid-swaps plus 447.5 bps
|
| Change-of-control put: | If Kuwait Finance House ceases to own at least 51% of issuer
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 31
|
| Rating: | Fitch: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | 6% area
|
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