QNB ownership puts squeeze on Turkey's Finansbank yield

By Michael Turner
11 May 2017

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.