Commentary & Deal Flow

Yapi ve Kredi Bankasi AS (YKBNK), expected issue ratings B- by Fitch, US$500m 144A/Reg S PerpNC5.5 fixed rate reset junior subordinated AT1 notes. First reset date: 3/4/31. Perpetual call, tax changes call, regulatory / capital disqualification call. ADCB/Citi (B&D)/ENBD/JPM/Miz/StanChart joint books. Coupon: Fixed until first reset date (March 4, 2031). In respect of each period from (and including) a Reset Date to (but excluding) the next succeeding Reset Date (each a “Reset Period”), the Notes will bear interest at the rate per annum equal to the aggregate of (i) the Reset Margin of % and (ii) the CMT Rate in relation to such Reset Period. Interest will be payable semi-annually in arrear on 4 March and 4 September in each year. Issuer Call: Callable from and including September 4, 2030, to and including the first reset date (March 4, 2031) and each interest payment date thereafter. Trigger Event: Occurs if, at any time, the CET1 ratio on either (i) a consolidated basis or (ii) an individual basis (if applicable in the future), falls below 5.125%. Denoms: 200,000 x 1,000. Pricing 8/27. Settle 9/4.

IPTs: 8.75% area.

FINAL PRICE GUIDANCE: 8.25%#.

LAUNCHED: $500m PerpNC5.5 at 8.25%.