Chicago, Jan. 25 – Turkiye Ihracat Kredi Bankasi AS (Turk Eximbank) sold $500 million of 9 3/8% three-year notes at 99.425 to yield 9.6% (B3//B-), according to a source.
Initial price talk was in the 10% area.
Citi, ING and Standard Chartered Bank are the global coordinators and joint bookrunners.
BBVA, Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, SMBC Nikko and Societe Generale are also joint bookrunners for the Rule 144A and Regulation S deal.
Books went above $2.7 billion for the $500 million issue.
Proceeds will be used for general corporate purposes.
The bonds will be listed in Dublin.
Ankara, Turkey-based Turk Eximbank is an export credit agency owned by the Turkish state.
| Issuer: | Turkiye Ihracat Kredi Bankasi AS
|
| Amount: | $500 million
|
| Issue: | Notes
|
| Maturity: | Jan. 31, 2026
|
| Bookrunners: | Citi, ING, Standard Chartered Bank, BBVA, Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, SMBC Nikko and Societe Generale
|
| Coupon: | 9 3/8%
|
| Price: | 99.425
|
| Yield: | 9.6%
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 10% area
|
| Marketing: | Investor meetings
|
| ISINs: | US90015LAG23, XS2395576437
|
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