By Mary-Katherine Stinson
Lexington, Ky., Nov. 30 – Istanbul Metropolitan Municipality (Istanbul Buyukşehir Belediyesi) priced $715 million of five-year fixed-rate senior green notes (B3//B), according to multiple sources.
The notes priced at par with a 10½% coupon after initial price talk in the 11% area. Guidance moved to 10¾% area during pricing as books went over $2.1 billion.
The total order book was over $2.5 billion.
The notes feature a par call beginning 90 days before the Dec. 6, 2028 maturity date.
J.P. Morgan Securities plc (billing and delivery), BofA Securities, Inc., Emirates NBD Capital, ING and Societe Generale are the bookrunners for the Regulation S and Rule 144A deal. ING is also the sustainability structuring advisor.
Proceeds will be used to finance eligible green projects within the issuer’s sustainable finance framework.
The municipality is made up of district municipalities of Istanbul and governed by a non-elected council body.
| Issuer: | Istanbul Buyukşehir Belediyesi
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| Amount: | $715 million
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| Issue: | Senior notes
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| Maturity: | Dec. 6, 2028
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| Bookrunners: | J.P. Morgan Securities plc (billing and delivery), BofA Securities, Inc., Emirates NBD Capital, ING and Societe Generale
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| Sustainability structuring advisor: | ING
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| Coupon: | 10½%
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| Price: | Par
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| Yield: | 10½%
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| Call features: | At par beginning 90 days prior to maturity
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| Trade date: | Nov. 29
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| Settlement date: | Dec. 6
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| Ratings: | Moody’s: B3
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| Fitch: B
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| Distribution: | Regulation S and Rule 144A
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| Price talk: | 11% area; moved to 10¾% area during pricing
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| ISINs: | XS2730249997, US46522TAC27
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