Yapi Kredi concession debated after $500m sale
Yapi Kredi priced a $500m five year deal on Monday afternoon after receiving over $3bn in orders for the no-grow deal. Debt bankers involved in the sale said the new issue premium was minimal to non-existent, but one syndicate official away from the transaction argued there had been a modest concession.
Bank of America Merrill Lynch, BNP Paribas, Citi, HSBC and UniCredit set initial guidance in the 415bp over mid-swaps area on Monday, revised this to 395bp-405bp and priced the bond at 395bp.
“Most recent Turkish deals paid 10bp or more," said a debt banker on the deal. "But
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