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Istanbul Metropolitan Municipality guides $580 million five-year notes to 6¾% area yield
By Rebecca Melvin
New York, Dec. 2 – Istanbul Metropolitan Municipality guided pricing of a planned $580 million issue of five-year notes to yield in the area of 6¾%, according to a market source on Wednesday. The notes were expected to price later in the session.
Pricing was tightened from initial price talk in the area of 7%.
The order books were in excess of $2 billion before the open of financial markets in the United States.
BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Nomura Securities International Inc. and Societe Generale are joint bookrunners of the Rule 144A and Regulation S notes. ING Bank is the lead manager.
The proceeds will be used for several metro line infrastructure projects.
The municipality is made up of district municipalities of Istanbul and governed by a non-elected council body.
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