Commentary & Deal Flow

Turkiye İhracat Kredi Bankası A.S. (EXCRTU) exp issue rating Ba3 (issuer ratings Ba3/BB- (Moody's/Fitch - s/s)) US$500m 144A/Reg S L3y FXD sr unsec notes due 04/02/30. Citi (B&D)/Emirates NBD Capital/ING/Standard Chartered Bank as joint global coordinators. Abu Dhabi Commercial Bank/BBVA/Citi (B&D)/Emirates NBD Capital/First Abu Dhabi Bank/ICBC/ING/MUFG/SG/SMBC/Standard Chartered Bank joint bookrunners. Denoms: 200,000 x 1,000. Governing Law: English. Listing: The Global Exchange Market (GEM) of Euronext Dublin. UoP: gcp. Pricing 09/08. Settle 09/15. ISIN: XS3501986874 / US90015LAS60.
IPTs: 7.375% area.

FINAL PRICE GUIDANCE: 7.05% area (+/-5 WPIR). Books > $1.4bn (excl JLM int).

LAUNCHED: $500m L3y at 7.000% (the #). Books in excess of $1.3bn (excl JLM int).