Isbank inquest begins after shock sub struggler
Türkiye Is Bankasi’s closed a $400m old style tier two bond on Tuesday evening at the wide end of guidance. The bookrunners had hoped for a larger size and tighter pricing, but were left disappointed by the response. Bankers away from the bond were equally surprised at the poor reception, but had several suggestions as to what went wrong.
The bank set formal guidance at 7.75%-7.85%, after approaching investors with initial price thoughts in the 7.85% yield area on Tuesday morning. The deal was marketed as a $500m print, but in the end the issuer had to settle for a $400m deal at 7.85%.
“It took us
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