Yapi Kredi pulls off bond in nightmare market, TSKB pauses

By Francesca Young
16 Oct 2014

Turkey's Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.

Commerzbank, JP Morgan, Société Générale, Standard Chartered Bank and UniCredit arranged the deal, which carries expected ratings of Baa3 from Moody’s and BBB by Fitch.

“We realised when we put guidance out in the morning that we were in a weak market, but no one could have ...

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