By Rebecca Melvin
New York, March 1 – Turkey’s QNB Finansbank AS priced $750 million of 6 7/8% 5.5-year senior notes (Ba3//BB-) at 99.662 to yield 6.95%, or a yield spread of 437.45 basis points over mid-swaps, according to a syndicate source.
Pricing was at the tight end of talk for a yield of 7%, plus or minus 5 bps.
Citibank, JPMorgan, Mizuho, QNB Capital, Societe Generale and Standard Chartered Bank were joint 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.
| Issuer: | ANB Finansbank AS
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 7, 2024
|
| Bookrunners: | Citibank, JPMorgan, Mizuho, QNB Capital, Societe Generale and Standard Chartered Bank
|
| Coupon: | 6 7/8%
|
| Price: | 99.662
|
| Yield: | 6.95%
|
| Spread: | Mid-swaps plus 437.45 bps
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 7
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% plus or minus 5 bps
|
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