Debate over Yapi Kredi $500m bond new issue premium
Turkish bank Yapi Kredi has released price guidance equating to a 18bp-20bp new issue premium on a $500m no-grow five year bond, according to a banker on the deal. But a banker away from the deal said it was wider. The bond is expected to be priced on Monday.
Bank of America Merrill Lynch, BNP Paribas, Citi, HSBC and UniCredit are arranging the deal.
Price guidance stands at 415bp over mid-swaps. A syndicate official on the deal put the guidance at a more generous 20bp-25bp back of the outstanding curve.
Yapi Kredi’s 2020s were trading around 397bp over mid-swaps
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