Yapi Kredi to squeeze pricing on tier two dollar deal

Turkish bank Yapi Kredi launched a tier two dollar bond on Thursday, with demand strong enough for bookrunners to attempt to squeeze pricing. But this is an unorthodox start to the year for Turkish bonds with the traditional curtain raiser from the sovereign nowhere to be seen.
Yapi Kredi, rated B2/B+ by Moody’s and Fitch, is in the market for a Reg S/144A Basel III compliant tier two dollar benchmark, with a January 2031 non-call five year structure.
Initial price thoughts were set on Thursday morning at 8.5% area. By the afternoon, guidance had been ...Already a subscriber? Login
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