By Rebecca Melvin
New York, Feb. 21 – Akbank TAS priced $400 million of 10-year notes (expected ratings: B1//BB) at par to yield 6.8%, a syndicate source said on Wednesday.
Pricing came at the tight end of 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 sold via bookrunners BNP Paribas, Citigroup, HSBC, Mizuho, MUFG and Societe Generale CIB.
The notes are non-callable until April 27, 2023.
Akbank is a lender based in Adana, Turkey.
| Issuer: | Akbank TAS
|
| Amount: | $400 million
|
| Maturity: | April 27, 2028
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC, Mizuho, MUFG and Societe Generale CIB
|
| Coupon: | 6.8%
|
| Price: | Par
|
| Yield: | 6.8%
|
| Call options: | Non-callable until April 27, 2023
|
| Trade date: | Feb. 21
|
| Settlement date: | Feb. 27
|
| Expected ratings: | Moody’s: B1
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 6.8%-6.85% from initial talk in high 6% area
|
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