By Colin Hanner
Chicago, June 23 – Turkiye Is Bankasi AS (Isbank) sold $500 million 11-year tier 2 bonds (expected: B1//BB) at par to yield 7%, a market source said.
Price talk for the subordinated bonds was previously set in the low 7% area, a market source said.
The notes are non-callable until June 29, 2023 at which time the notes become callable at par. If the notes are not called by the date, the interest rate resets at five-year mid-swaps rate plus the initial credit spread.
The size of the books for the deal was more than $850 million, according to a market source.
Citigroup, Goldman Sachs International, MUFG, SG CIB and Standard Chartered Bank are joint bookrunners for the Rule 144A and Regulation S deal.
Isbank, based in Istanbul, is Turkey’s largest bank.
| Issuer: | Turkiye Is Bankasi AS
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| Description: | Tier 2 subordinated notes
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| Amount: | $500 million
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| Maturity: | June 29, 2028
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| Bookrunners: | Citigroup, Goldman Sachs International, MUFG, SG CIB and Standard Chartered Bank
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| Coupon: | 7%, steps up to five-year mid-swaps plus initial credit spread on June 29, 2023
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| Price: | Par
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| Yield: | 7%
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| Call option: | Starting June 29, 2023 at par
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| Trade date: | June 23
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| Ratings: | Moody’s: B1
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| Fitch: BB
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| Price talk: | 7%, revised from low 7% area
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