QNB ownership puts squeeze on Turkey's Finansbank yield
Turkey’s QNB Finansbank set final terms on a $750m five year bond on Thursday, leaning on the ownership of Aa3/A+/AA- rated Qatar National Bank to print inside where analysts saw fair value — despite some investors objecting.
QNB Finansbank, rated seven notches lower than QNB at Ba1/BBB- (Fitch), began marketing its Reg S/144A deal on a yield basis at low 5%, before revising guidance to 5%-5.1%, equal to about mid-swaps plus 300bp-310bp. It finally printed the trade at 4.95%.There were sharply ...
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