Turkey’s Odea Bank talks dollar tier 2 capital notes in high 7% area

By Rebecca Melvin

New York, July 24 – Odea Bank AS’s proposed offering of Basel III-compliant tier 2 capital notes (expected ratings: B2 (hyb)/B+/) were talked at a yield in the high 7% area, according to a market source on Monday.

Deal size for the 10-year subordinated notes, which will have five years of call protection, was not yet talked, but one source expected about $300 million of notes would be issued.

Odea Bank is a lender based in Istanbul.

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