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Turkiye Sinai Kalkinma Bankasi launches $300 million of bonds at 9¾%
Chicago, March 14 – Turkiye Sinai Kalkinma Bankasi AS (B3//B-) launched its $300 million offering of additional tier 1 notes with a final yield of 9¾%, according to a market source.
Final terms were not yet available on the deal that posted an order book of above $800 million on Thursday.
Initial talk started in the low 10%s.
Call protection covers five years.
The notes will feature a temporary write-down mechanism upon breach of 5.125% common equity tier 1 capital of the issuer or the group.
Abu Dhabi Commercial Bank, BNP Paribas, Citi, ING and Standard Chartered Bank are joint bookrunners for the Rule 144A and Regulation S offering.
The investment and development bank is based in Istanbul.
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