Istanbul and VakifBank on the road for dollars days after sov deal

AdobeStock_Istanbul_575x375_30Nov2020
By Mariam Meskin
30 Nov 2020

The Istanbul Metropolitan Municipality, Turkey’s largest city, and VakifBank have both mandated banks to arrange dollar bond syndications. The trades come just days after the sovereign squeezed into the market before the US Thanksgiving holiday to raise a tightly priced dollar bond.

Istanbul, rated B2/BB- by Moody’s and Fitch, is seeking a five year Reg S/144A benchmark bond of up to $700m.

BNP Paribas, JP Morgan, Nomura and Société Générale will be joint bookrunners, while ING will be a lead manager. The banks arranged a series of investor calls for Monday. ...

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