Ulker pulls off ‘cheeky’ five year benchmark

AdobeStock_turkey_dollars_575x375_07Oct2020
By Lewis McLellan
22 Oct 2020

Ülker Bisküvi Sanayi scored an impressive $650m with a five year benchmark on Wednesday, surprising some investors with an unexpected increase to the size.

The borrower mandated Bank of America and JP Morgan as global coordinators. HSBC, was joint lead manager and Rabobank and Renaissance Capital joined as co-managers.

The leads offered initial price thoughts of 7.25%-7.375%, but ended up pricing at 6.95%.

“It was a slightly cheeky execution,” said an investor. ...

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