Published: January 19, 2015
Turkish bank raises US$500mn as peers also head to international markets.
Turkey’s Akbank has raised US$500mn in its latest trip to the eurobond market.
The bank’s five-year, 144A/Reg S issuance priced with a coupon of 4% and a final spread of 270 basis points over five-year mid-swaps. The order book closed at US$1.8bn. Barclays, Citi and Goldman Sachs ran the transaction.
Fellow Turkish lender VakifBank starts its own London/US roadshow today (January 19) pitching a subordinated tier II, 144A/Reg S bond. The presentations and any subsequent issuance are being run by Citi, Deutsche Bank, Goldman Sachs and HSBC.
Sekerbank, meanwhile, is expected to launch a sale of covered bonds after pitching the deal to investors. The bank sold the first covered bonds from Turkey backed with SME loans back in 2011.
For more on international deals from Turkish banks and borrowers, see this report from our latest edition.