Last month, Akbank issued $1 billion in five-year and 10-year notes, with the five-year tranche priced at just 3.875%. In September, Garanti’s Eurobonds became the first to benefit from new investment-grade foreign-currency ratings that Moody’s awarded in the summer to five of the biggest Turkish banks. Garanti’s new $750 million 10-year Eurobond was priced to yield 5.375%, with $600 million in five-year notes priced at 4.175%.
Isbank also issued its first bond in 2011. Halkbank issued its debut Eurobond this July, raising $750 million at what was then a record low yield for Turkish banks – 5%.
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