Commentary & Deal Flow

Istanbul Metropolitan Municipality (ISTNBL), exp B3/B by Moody's/Fitch, US$715m 144A/Reg S 5y Green Sr Notes due 12/6/28. 3mos par call. BofA/ENBD/ING/JPM (B&D)/SG joint books. UOP: the net proceeds of the issue of the Notes will be used to finance, in whole or in part, Eligible Green Projects, in line with the Issuer's Sustainable Finance Framework. Inaugural green bond. Pricing 11/29. Settle 12/6.

IPTs: 11% area.

GUIDANCE: 10.75% area.

LAUNCHED: $715m 5y Green at 10.5%.

PRICED: $715m 10.50% 12/6/28 100.00 10.50%.