Published on 3/1/2016 in the Prospect News Emerging Markets Daily.
New Issue: Yapi Kredi prices $500 million 8½% 10-year notes to yield 8 5/8%
By Christine Van Dusen
Atlanta, March 1 – Turkey’s Yapi ve Kredi Bankasi AS priced $500 million 8½% 10-year notes (expected ratings: Ba3//BBB-) at 99.5 to yield 8 5/8% on Tuesday, a syndicate source said.
The notes were talked in the 8¾% area.
BofA Merrill Lynch, Citigroup, MUFG and UniCredit Bank were the bookrunners for the Rule 144A and Regulation S deal.
Yapi Kredi is an Istanbul-based lender.
| Issuer: | Yapi ve Kredi Bankasi AS (Yapi Kredi)
|
| Amount: | $500 million
|
| Maturity: | March 9, 2026
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup, MUFG, Unicredit
|
| Coupon: | 8½%
|
| Price: | 99.5
|
| Yield: | 8 5/8%
|
| Call options: | Non-callable for five years
|
| Trade date: | March 1
|
| Settlement date: | March 9
|
| Expected ratings: | Moody's: Ba3
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¾% area
|
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