Commentary & Deal Flow

Istanbul Buyuksehir Belediyesi ("Istanbul Metropolitan Municipality" or "IMM"), exp B2/BB- by Moody's/Fitch, US$580m 144A/Reg S 5y sr notes 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.
  GUIDANCE: 6.75% area.
  LAUNCHED: $580m at 6.60%.
  

PRICED: $580m 6.375% 12/9/25 99.055 6.60% T+617.1 (MS+612.6).