Vakifbank prints first Turkish Basel III tier two, but PONV structure cost still unclear

Vakifbank priced the first ever Basel III compliant tier two bond on Monday, a $500m 10 year non-call five. But though bankers estimated that the bond paid around 115bp-116bp over its old style tier two bullet 2022s, they said it was difficult to strip out the cost of the addition of point of non-viability features.