Turkey’s Akbank launches $400 million 10-year notes to yield 6.8%; pricing expected Tuesday

By Rebecca Melvin

New York, Feb. 20 – Akbank TAS launched $400 million of 10-year notes (expected ratings: B1//BB) with a yield of 6.8%; final pricing was expected late Tuesday, a market source said.

The notes will be non-callable until April 27, 2023.

Pricing came at the tight end of final guidance in the range of 6.8% to 6.85% and down from initial talk in the high 6% area.

The order book was in excess of $725 million for the Rule 144A and Regulation S notes, which were being sold via bookrunners BNP Paribas, Citigroup, HSBC, Mizuho, MUFG and Societe Generale CIB.

Akbank is a lender based in Adana, Turkey.

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