Chicago, March 25 – Hazine Mustesarligi Varlik Kiralama Anonim Sirketi sold $3 billion of 7¼% lease certificates due Feb. 24, 2027 (//B+), according to a notice.
Republic of Turkey is the obligor.
The certificates priced at par with a mid-swaps plus 524.7 basis points spread.
Over 200 accounts participated in the sale with the orderbook more than 3x offering size. Most of the certificates were allocated to Middle East investors.
Proceeds were transferred to Turkey’s Treasury on Feb. 24.
Citigroup, Dubai Islamic Bank, HSBC, and Kuwait Finance House handled the sale.
The issuer is a special purpose vehicle for the government and is used by the Turkish Treasury to issue sukuk certificates.
| Issuer: | Hazine Mustesarligi Varlik Kiralama Anonim Sirketi
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| Obligor: | Republic of Turkey
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| Amount: | $3 billion
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| Issue: | Lease certificates
|
| Maturity: | Feb. 24, 2027
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| Bookrunners: | Citigroup, Dubai Islamic Bank, HSBC, and Kuwait Finance House
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| Coupon: | 7¼%
|
| Price: | Par
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| Yield: | 7¼%
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| Spread: | Mid-swaps plus 524.7 bps
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| Trade date: | Feb. 16
|
| Settlement date: | Feb. 24
|
| Rating: | Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Cusip: | 421790AH9
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