Commentary & Deal Flow

Turkiye Sinai Kalkinma Bankasi AS ("TSKB"),  expected CCC- by Fitch, US$300m 144A/Reg S (Cat 2) Perpetual NC5 Fixed Rate Resettable Additional Tier 1 notes. Issuer Call: Callable on March 21, 2029 and each reset date thereafter. ADCB, BNP, Citi, ING and Stan Chart as Joint Bookrunners. Coupon: Fixed until March 21, 2029. If not redeemed, coupon resets every 5Y at 5Y CMT +reset margin. Perpetual call, tax changes call, regulatory / capital disqualification call. The Notes will feature a temporary write-down mechanism upon breach of 5.125% Common Equity Tier 1 Capital of the Issuer or the Group. Relevant stabilisation regulations including FCA/ICMA will apply.

IPTs: Low 10%s.

GUIDANCE: 9.75-9.875%.

LAUNCHED: $300m Pnc5  at 9.75%.

PRICED: $300m, 9.75% at 100. Reset spread: T+545.5.