By Rebecca Melvin
New York, July 24 – Odea Bank AS sold $300 million 10-year Basel III-compliant tier 2 capital notes (expected ratings: B2 (hyb)///B+) to yield 7 5/8% on Monday, according to market sources.
Price talk for the notes had been 7¾% after being revised from initial price talk in the high 7% area.
The notes are non-callable until Aug. 1, 2022, and if they are not called at that time, the coupon will be reset at five-year mid-swaps plus the reset margin.
BofA Merrill Lynch and JPMorgan were joint bookrunners of the Rule 144A and Regulation S deal.
Odea Bank is a lender based in Istanbul.
| Issuer: | Odea Bank AS
|
| Description: | Tier 2 capital notes
|
| Amount: | $300 million
|
| Maturity: | Aug. 1, 2027
|
| Bookrunners: | BofA Merrill Lynch and JPMorgan
|
| Yield: | 7 5/8%
|
| Call option: | Non-callable until Aug. 1, 2022
|
| Coupon reset: | Coupon reset at five-year mid-swaps plus reset margin if uncalled after Aug. 1, 2022
|
| Trade date: | July 24
|
| Settlement date: | Aug. 1
|
| Ratings: | Moody’s: B2 (hyb)
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾%, revised from initial price talk at high 7% area
|
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