TSKB blow-out reopens debt door for Turkey
Turkey lender TSKB printed its $400m five year senior bond on Wednesday inside its own curve. The sale drew a $3.9bn book, allowing a big tightening from initial guidance to pricing. Following the clear success of the deal, other Turkish banks are expected to follow, starting with Isbank which was straight in with its own subordinated bond on Thursday.
“There was decent momentum behind the trade,” said one syndicate banker on the TSKB deal. “And a lot of pent-up demand, specifically for Turkish banks.”
The last Turkish bank to print a deal was Yapi Kredi, which sold a $500m 8.25% 2024 bond on March 14 last year, according to Dealogic data.Initial guidance for TSKB was set ...