By Marisa Wong
Los Angeles, Dec. 3 – Istanbul Metropolitan Municipality priced $580 million of five-year fixed-rate notes (B2//BB-) at 99.055, according to a London Stock Exchange notice on Thursday.
Istanbul Metropolitan Municipality guided pricing to yield in the area of 6¾%, according to a market source on Wednesday. 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.
| Issuer: | Istanbul Metropolitan Municipality
|
| Issue: | Senior fixed-rate notes
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| Amount: | $580 million
|
| Maturity: | Five years
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| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Nomura Securities International Inc. and Societe Generale
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| Lead manager: | ING Bank
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| Price: | 99.055
|
| Pricing date: | Dec. 2
|
| Ratings: | Moody’s: B2
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
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