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Capital Markets

Debt capital markets: Landmark Eurobond for Akbank

While second-tier and third-tier European banks struggle to access the international bond markets, one of Turkey’s leading lenders has shown the way ahead with a landmark deal.

Akbank became the first Turkish private sector company to issue a Eurobond last month, with a $1 billion, five-year transaction in the biggest ever non-sovereign deal out of the country. The 144a senior secured deal, which was lead managed by Bank of America Merrill Lynch, Citi, JPMorgan and Standard Chartered, proved that despite the uncertainty still plaguing the financial markets, investors are willing to support banks in countries perceived to be performing better through the crisis. What’s interesting is that these countries are mostly emerging markets. In the same month as the Akbank deal, India’s ICICI, State Bank of India, Kexim, Brazil’s Votorantim and Bancolombia all tapped the international markets.

"The problems facing some European FIG names have not impacted demand for emerging markets FIG borrowers," says Julian Trott, head of CEEMEA debt capital markets at Bank of America Merrill Lynch.

Tight spread

The Akbank deal was launched at a spread of 350 basis points over US treasuries, tighter than the initial target of 365bp, and carries a coupon of 5.125%,

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