By Christine Van Dusen
Atlanta, Feb. 2 - Turkey's Yapi ve Kredi Bankasi AS priced a $500 million issue of 6¾% senior notes due Feb. 8, 2017 (Ba1//BBB-) at 98.96 to yield 7%, or Treasuries plus 627.6 basis points, a market source said.
The notes priced at the low end of talk, which was set at 7% to 7 1/8%.
JPMorgan, Standard Chartered and Unicredit were the bookrunners for the Rule 144A and Regulation S deal.
Yapi Kredi is a private bank based in Istanbul.
Issuer: | Yapi ve Kredi Bankasi AS
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Amount: | $500 million
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Maturity: | Feb. 8, 2017
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Description: | Senior notes
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Bookrunners: | JPMorgan, Standard Chartered, Unicredit
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Coupon: | 6¾%
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Price: | 98.96
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Yield: | 7%
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Spread: | Treasuries plus 627.6 bps
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Trade date: | Feb. 1
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Settlement date: | Feb. 8
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Expected ratings: | Moody's: Ba1
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| Fitch: BBB-
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Distribution: | Rule 144A and Regulation S
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Price talk: | 7% to 7 1/8%
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