Commentary & Deal Flow

Turkiye Garanti Bankasi AS (GARAN), exp B1/B+ by Moody's/Fitch, US$ benchmark 144A/Reg S 10.5nc5.5 fixed rate reset Tier 2 subordinated notes due 4/14/36. Standard call date: 4/14/31 at 100. Tax changes call, regulatory / capital disqualification call. BBVA (GC)/BofA (GC/B&D)/Citi (GC)/ADCB/ING/MASHBK/SMBC/SG joint books. Coupon: Fixed rate of % per annum until call date. 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. Denoms: 200k x 1k. UOP: gcp. Pricing 10/7. Settle 10/14.

IPTs: 8.00% area.

FINAL PRICE GUIDANCE: 7.625%#.