Turkey’s Isbank launches $500 million 11-year tier 2 bonds at 7%

By Colin Hanner

Chicago, June 22 – Turkiye Is Bankasi AS (Isbank) launched an offering of Basel III-compliant tier 2 dollar-denominated benchmark 11-year bonds at 7%, a market source said.

Price talk for the Rule 144A/Regulation S subordinated bonds (B1//BB) was previously set in the low 7% area, a market source said.

The notes are non-callable until June 29, 2028 at which time the notes are callable at par.

The size of the books is more than $850 million, according to the source.

Citigroup, Goldman Sachs International, MUFG, SG CIB and Standard Chartered Bank are joint bookrunners for the deal.

Isbank, based in Istanbul, is Turkey’s largest bank.

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