QNB Finansbank launches $500 million 5.5-year notes to yield 6.95%

By Rebecca Melvin

New York, Feb. 28 – Turkey’s QNB Finansbank AS launched a $500 million offering of 5.5-year senior notes to yield 6.95%, according to a syndicate source on Thursday. Allocations are expected later in the session.

Pricing was at the tight end of earlier talk for a yield of 7%, plus or minus 5 basis points.

Order books stood at $1.4 billion ahead of the U.S. markets’ open.

Citibank, JPMorgan, Mizuho Securities, QNB Capital, Societe Generale and Standard Chartered Bank are bookrunners of the Regulation S and Rule 144A issue.

The offering is being made under the bank’s $5 billion global medium-term note program.

Ankara-based QNB Finansbank is a private commercial bank, which is nearly 100% owned by Qatar National Bank.

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