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by Chris Reich
Jan 26, 2026 4:10 PM ET
Turkiye Is Bankasi AS (ISCTR), exp issue rating B- by Fitch (issuer ratings Ba3/BB- (s/s) by Moody's/Fitch), US$ benchmark 144A/Reg S 11nc6 fixed rate reset Tier 2 notes due 2/5/37. Reset Date: 2/5/32. ADCB/BNP/Citi (B&D)/ENBD/ING/MUFG joint books. Interest Payment Dates: Semi-annually in arrear on 05 February and 05 August in each year up to (and including) the Maturity Date, commencing on 05 August 2026 (long first coupon). Issuer Call: The Issuer may, having given not less than 30 nor more than 60 days’ notice to the Noteholders (which notice will be irrevocable and will specify the date fixed for redemption), redeem all, but not some only, of the Notes, subject (if required by applicable law) to having obtained the prior approval of the BRSA, on any Payment Business Day from (and including) 05 November 2031 to (and including) the Reset Date at their respective then Prevailing Principal Amount together with all interest accrued and unpaid to (but excluding) the date of redemption. UOP: gcp. Pricing 1/26. Settle 1/30 (T+4).
IPTs: 8.00% area.
GUIDANCE: 7.625% area (+/- 5, WPIR), Books above $1.95bn (excl. JLM).
LAUNCHED: $500m 11nc6 at 7.575%. Books above $1.4bn (excl. JLM)
PRICED: $500m 7.575% 2/5/37 100.00 7.575%. Reset spread: T+365.3.
OTHER:
Other Optional Early Redemption Events: (i) a Tax Event; or (ii) a Capital Disqualification Event | Subject to the certain conditions (including the prior approval of the BRSA, if required by applicable law) and upon giving the required notice, the Issuer may redeem all, but not some only, of the Notes on any Payment Business Day at their respective then Prevailing Principal Amount together with all interest accrued and unpaid to (but excluding) the date of redemption upon the occurrence of (i) a Tax Event; or (ii) a Capital Disqualification Event (full or partial exclusion from the Tier 2 Capital of the Issuer) |
Substitution or Variation instead of Redemption | If at any time a Tax Event or a Capital Disqualification Event has occurred that then allows the Issuer to redeem the Notes, the Issuer may, instead of giving notice to redeem the Notes, but subject to compliance with Applicable Banking Regulations (including, if applicable, the prior approval of the BRSA) and upon giving the required notice, at any time (without any requirement for the consent or approval of the Noteholders) either substitute all (but not some only) of the Notes for Qualifying Tier 2 Securities or vary the terms of the Notes so that they remain or become (as applicable) Qualifying Tier 2 Securities. |
Non-Viability/Write-Down of the Notes | The Notes are subject to loss absorption upon the occurrence of a Non-Viability Event (as may be determined by the BRSA), which may result in permanent write-down of the whole or part of the Notes in conjunction with loss absorption by Junior Loss-Absorbing Instruments, taking into account: (a) the absorption of losses by all Junior Loss-Absorbing Instruments to the maximum possible in accordance with the provisions thereof and to the maximum extent allowed by law and (b) the pro-rata write-down with any other Parity Loss-Absorbing Instruments, as further described in the Final Offering Circular. |
Governing law | English law (save for the provisions of Condition 3 (including as referred to in Condition 6) of the terms and conditions of the Notes, which will be governed by, and construed in accordance with, Turkish law) |
Denominations | USD 200,000 and integral multiples of USD 1,000 in excess thereof |
Listing | Euronext Dublin (Global Exchange Market) |
Clearing | Euroclear / Clearstream, Luxembourg; DTC |
Joint Bookrunners | Abu Dhabi Commercial Bank, BNP PARIBAS, Citi (B&D), Emirates NBD Capital, ING, MUFG |
Billing & Delivery | Citi |
Use of Proceeds | General corporate purposes |
Netroadshow | Netroadshow Link: www.netroadshow.com/nrs/home/#!/?show=368cf91f CODE: ISB2026 (not case-sensitive) |
LEI Code | 789000FIRX9MDN0KTM91 |
ISIN | Reg S: XS3264004329 Rule 144A: US900151AP66 |