Fibabanka demonstrates depth of demand for Turkish T2
An inaugural deal from second tier Turkish lender Fibabanka on Wednesday offered further proof that concerns over the country’s political direction have failed to dampen investor confidence in its banks.
The debut issuer, which is majority owned by Turkish entrepreneur Husnu Ozyegin, raised $300m of Basel III compliant 10.5 year non-call 5.5 tier two funding at 7.75%.
That was 25bp inside initial price thoughts of 8% area and at the tight end of guidance of 7.75%-8%.Bankers ...
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