Turkey’s Turk Eximbank talks dollar benchmark five-year notes at mid-swaps plus 425 bps area

By Christine Van Dusen

Atlanta, Feb. 1 – Turkiye Ihracat Kredi Bankasi AS (Turk Eximbank) set initial talk in the mid-swaps plus 425 basis points area for a dollar-denominated offering of benchmark-sized notes due in five years (expected ratings: Baa3/BB+/BBB-), a market source said.

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

The notes will include a change-of-control put at 100% if Turkey ceases to own all of the bank’s shares and if the company’s ratings fall below the sovereign’s within six months of a disposal event.

The notes are expected to price on Monday.

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