Sub debt spree not over: Vakifbank taps 2022s for $400m
Vakifbank has tapped its tier two $500m 6% 2022s for a further $400m. A $1.1bn book for the note and pricing at a yield 50bp inside the original deal indicates that the well of demand for subordinated debt is far from dry, despite a stream of these issues since September.
Barclays, Goldman Sachs, ING and Standard Chartered Bank, the bookrunners on the original October issue, arranged the tap. National Bank of Abu Dhabi is acted as joint lead manager.
The note was priced with a yield of 5.5%, or a price of 103.766. The original note, placed in
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