New Issue: Turkey's Yapi ve Kredi Bankasi sells $500 million 5¼% five-year notes at 395 bps spread

By Paul A. Harris

Portland, Ore., Nov. 25 - Turkey's Yapi ve Kredi Bankasi AS (Baa2/BBB/) priced a $500 million issue of 5¼% five-year senior notes at a 395 basis points spread to mid-swaps on Monday, according to an informed source.

The spread came tight to the 415 bps initial guidance.

Joint bookrunner BofA Merrill Lynch will bill and deliver. BNP Paribas, Citigroup Global Markets, HSBC and UniCredit were also joint bookrunners.

The financial institution is based in Istanbul.

Issuer:	Yapi ve Kredi Bankasi AS
Amount:	$500 million
Maturity:	Dec. 3, 2018
Securities:	Senior notes
Global coordinator:	BofA Merrill Lynch (bill and deliver)
Joint bookrunners:	BofA Merrill Lynch, BNP Paribas, Citigroup Global Markets, HSBC, UniCredit
Coupon:	5¼%
Price:	99.342
Yield:	5.402%
Spread to mid-swaps:	395 bps
Call protection:	Non-callable
Trade date:	Nov. 25
Settlement date:	Dec. 3
Issuer ratings:	Moody's: Baa2
	Standard & Poor's: BBB
Distribution:	Rule 144A and Regulation S
Initial guidance:	Mid-swaps plus 415 bps
Marketing:	Quick to market

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