Commentary & Deal Flow

Istanbul Buyuksehir Belediyesi ("Istanbul Metropolitan Municipality" or "IMM"), exp B2/BB- by Moody's/Fitch, US$580m (max) 144A/Reg S 5y sr nnotes due 12/9/25. BNP Paribas, J.P. Morgan, Nomura and Societe Generale as Joint Books;  ING Bank as Lead Manager. UOP: Financing projects related to the Municipality’s Metro railway lines. Pricing Dec 2. Settle Dec 9. IPTs: 7% area.