Ziraat Bank USD600m 5.375% March 26

  • By Mariam Meskin
  • 27 Jan 2021
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Rating:B2/—/B+

Amount: $600m Reg S/144A senior unsecured sustainability

Maturity: 2 March, 2026

Issue/reoffer price: 99.445

Coupon: 5.375%

Yield: 5.500%

Spread at reoffer: 509bp over US Treasuries

Launched: Tuesday, January 26

Payment date:February 2

Joint books:BNP Paribas, Citi, HSBC, ICBC Standard Bank, JP Morgan, Mizuho


Bookrunners’ comment:

We printed at 5.5%. The sovereign’s five year was trading at 4.6%, so it’s 90bp over the sovereign, flat to where we saw fair value. Other Turkish issuers, like TSKB and Yapi Kredi, have all been printing flat to the curve — TSKB was arguably inside — so this is very much in line with that. The issuer was initially targeting $500m, but the pricing was right and the book was good, so they took a slightly bigger deal.

Everything is very tight just now. 0bp‑5bp is the standard new issue premium; 5bp-10bp is for those weaker names that you wouldn’t buy if the market wasn’t so hot.

The whole Turkish banking sector is much tighter. The yields are down 20bp-40bp across the sector, while the sovereign curve is 25bp to 40bp wider, so historically, this is quite a competitive level versus the sovereign for Ziraat bank, but it’s really just in line with the sector.


  • By Mariam Meskin
  • 27 Jan 2021

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16.96 84 10.49%
2 Citi 16.47 74 10.18%
3 HSBC 13.06 94 8.08%
4 Standard Chartered Bank 8.51 60 5.26%
5 BNP Paribas 8.28 55 5.12%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Santander 4.35 19 13.01%
2 JPMorgan 3.89 18 11.62%
3 Citi 3.70 18 11.05%
4 Morgan Stanley 2.60 9 7.78%
5 BNP Paribas 2.42 9 7.23%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 6.94 29 14.41%
2 Citi 5.72 20 11.86%
3 HSBC 5.08 24 10.54%
4 Standard Chartered Bank 4.14 19 8.60%
5 Goldman Sachs 2.95 6 6.12%

EMEA M&A Revenue

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 0.20 50 10.55%
2 Goldman Sachs 0.16 37 8.77%
3 Morgan Stanley 0.14 46 7.64%
4 Bank of America Merrill Lynch 0.11 33 6.18%
5 Citi 0.10 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 ING 1.57 13 8.92%
2 Credit Agricole CIB 1.53 7 8.68%
3 MUFG 1.24 5 7.08%
4 Sumitomo Mitsui Financial Group 1.16 8 6.61%
5 UniCredit 1.04 10 5.91%

Bookrunners of India DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 1.12 9 17.54%
2 JPMorgan 0.92 8 14.49%
3 Standard Chartered Bank 0.88 8 13.92%
4 Barclays 0.82 7 12.82%
5 MUFG 0.72 6 11.36%