Akbank tightens first ever Eurolira, books three times covered
Akbank has tightened price guidance on the first ever Eurolira note, to a yield of 7.55% area. The note will have a size of TL1bn ($566m) and a five year maturity. Books were three times subscribed before the revision of price guidance and went subject at 11am.
Initial price thoughts had been released on Tuesday at 7.6% yield area. Bank of America Merrill Lynch, Deutsche Bank, Citi and HSBC arranged the deal.
One syndicate official said that the initial guidance looked expensive versus the Turkish sovereign's dollar curve. Akbank pays around 70bp over its sovereign
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