Turk Eximbank takes $500m, pays generous but necessary level

The Export Credit Bank of Turkey (Turk Eximbank) priced a $500m 5.875% April 2019 note on Friday at 445bp over mid-swaps, a level that two rival syndicate bankers and a trader called generous but necessary pricing for the credit. The Reg S and 144a deal was arranged by Barclays, Citi, ING and Standard Chartered Bank.