The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
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%,

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree