Isbank fights through tough market to $500m

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By Virginia Furness
22 Jun 2017

Isbank raised $500m with the 10th deal from a Turkish financial this year with a tidy though somewhat lacklustre trade. While EM bankers suggested it was evidence of some Turkish bank fatigue among investors, the leads said the trade was symptomatic of the weaker market backdrop.

Leads CitiGoldman SachsMUFGSociété Générale and Standard Chartered started pricing at low-7% area for the 11 year non-call six Basel III tier two 144A/Reg S note.

After revising guidance to 7%-7.125%, the deal was launched at $500m with a yield of 7%. Books were $850m at 12:30pm, and ...

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