New Issue: Turkey's Isbank sells $500 million 3 7/8% notes due 2017 at mid-swaps plus 320 bps

By Christine Van Dusen

Atlanta, Nov. 1 - Turkey's Turkiye Is Bankasi AS (Isbank) priced a $500 million issue of 3 7/8% notes due Nov. 7, 2017 (Baa2//BBB-) at 99.327 to yield mid-swaps plus 320 basis points, a market source said.

The notes were talked at the mid-swaps plus 337.5 bps area.

Deutsche Bank, JPMorgan, Mitsubishi UFJ Securities and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.

Isbank is a lender based in Istanbul.

Issuer:	Turkiye Is Bankasi AS
Amount:	$500 million
Maturity:	Nov. 7, 2017
Description:	Senior notes
Bookrunners:	Deutsche Bank, JPMorgan, Mitsubishi UFJ Securities, Standard Chartered Bank
Coupon:	3 7/8%
Price:	99.327
Spread:	Mid-swaps plus 320 bps
Trade date:	Nov. 1
Settlement date:	Nov. 7
Expected ratings:	Moody's: Baa2
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S
Price talk:	Mid-swaps plus 337.5 bps area

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