New Issue: Turkey's Vakifbank prices $500 million 5.149% five-year notes at 370 bps spread

By Christine Van Dusen

Atlanta, Oct. 24 - Turkey's Turkiye Vakiflar Bankasi TAO (Vakifbank) priced a $500 million issue of 5.149% five-year notes (expected ratings: Baa2//BBB-) at 99.35 to yield mid-swaps plus 370 basis points, a market source said.

The notes were talked at a spread in the 387.5 bps area.

Barclays, Goldman Sachs, HSBC, ING, National Bank of Abu Dhabi and Scotiabank were the bookrunners for the Rule 144A and Regulation S deal.

Vakifbank is a lender based in Istanbul.

Issuer:	Turkiye Vakiflar Bankasi TAO (Vakifbank)
Amount:	$500 million
Maturity:	Oct. 31, 2018
Description:	Senior notes
Bookrunners:	Barclays, Goldman Sachs, HSBC, ING, National Bank of Abu Dhabi, Scotiabank
Coupon:	5.149%
Price:	99.35
Spread:	Mid-swaps plus 370 bps
Trade date:	Oct. 24
Settlement date:	Oct. 31
Expected ratings:	Moody's: Baa2
	Fitch: BBB-
Distribution:	Rule 144A and Regulation S
Price talk:	Mid-swaps plus 387.5 bps area

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