Turkiye Garanti Bankasi AS (GARAN) exp B2/B+ by Moody's/Fitch US$750m 144A/Reg S long 10nc5 fixed rate reset Tier 2 subordinated notes due 1/3/35. Standard call date: 1/3/30 at 100. BBVA (GC)/Citi (GC)/StanChart (GC/B&D)/ENBD/ADCB/Miz/SMBC/SG joint books. Coupon: Fixed rate of % per annum, payable semi-annually in arrear, on 3 January and 3 July in each year (each an “Interest Payment date”) commencing on 3 July 2025 (long first coupon). From (and including) the Issuer Call Date to (but excluding) the Maturity Date the Notes will bear interest at a fixed rate per annum equal to the sum of the CMT Rate and the Reset Margin, payable semi-annually in arrear on each Interest Payment Date. Tax changes call, regulatory / capital disqualification call. UOP: General Corporate Purposes and to finance the purchase of USD750mn Tier 2 Notes due 2027 validly tendered and accepted for purchase pursuant to the concurrent tender offer launched by the Issuer. Net Roadshow: https://www.netroadshow.com/nrs/home/#!/?show=356dc2f7 / https://www.netroadshow.com Entry Code GarantiNov2024 (not case-sensitive). Pricing 11/21.
IPTs: 8.375% area.RVSD GUIDANCE: 8.125%.
PRICED: $750m 8.125% 1/3/35 99.985 8.125%. Back-end reset: T+383.6.