By Rebecca Melvin
New York, Jan. 9 – Turkey’s Turkiye Sinai Kalkinma Bankasi AS priced $350 million of 5˝% five-year notes (expected ratings: Ba1//BB+) at 99.535 to yield 5.608%, or mid-swaps plus 325 basis points, according to a market source on Tuesday.
Pricing came at the tight end of guidance in the range of 325 bps to 335 bps, which was revised down during marketing from initial talk in the mid-swaps plus 340 bps area.
Order books for the Regulation S notes were in excess of $900 million.
Bookrunners were BNP Paribas, Commerzbank, ING, Bank ABC, SG CIB, SMBC Nikko and UniCredit.
Listing on the Irish Stock Exchange main securities market is expected.
The Istanbul-based lender priced the senior notes under its $1.4 billion global medium-term note program.
| Issuer: | Turkiye Sinai Kalkinma Bankasi AS
|
| Amount: | $350 million
|
| Maturity: | Jan. 16, 2023
|
| Description: | Senior unsecured notes
|
| Bookrunners: | BNP Paribas, Commerzbank, ING, Bank ABC, SG CIB, SMBC Nikko and UniCredit
|
| Coupon: | 5˝%
|
| Price: | 99.535
|
| Yield: | 5.608%
|
| Spread: | Mid-swaps plus 325 bps
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 16
|
| Expected ratings: | Moody’s: Ba1
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 325-335 bps, revised down from 340 bps initially
|
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