1 | |||||||||||||||||||
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2 | Major eurobond issues by Turkish issuers | ||||||||||||||||||
3 | Issuer | ISIN | Coupon | Volume (mn) | End of placement | Maturity | UST+ | CDS+ | Type | Yield to Investor | Yield to Investor (UST+) | CDS+ | Price | Intermediaries | |||||
4 | QNB Finansbank (QNBFB) | XS2798098310 | 7.25% | $500 | May 21, 2024 | May 21, 2029 | 282 | 462 | green | 7.375% | 295 | 474 | Citibank (Citigroup/New York/C), Emirates NBD, JPMorgan (New York/JPM), Qatar National Bank (QNB) Capital, Societe Generale (Paris/GLE), Mizuho Bank (Tokyo/8411), Standard Chartered Bank (London/STAN) | ||||||
5 | Turk Telekom (TTKOM) | XS2820499619 | 7.375% | $500 | May 20, 2024 | May 20, 2029 | 292 | 475 | green | 7.375% | 292 | 475 | 100 | Citibank (Citigroup/New York/C), JPMorgan (New York/JPM) and HSBC (London/HSBA) | |||||
6 | Vestel Elektronik (VESTL) | XS2817919587 | 9.75% | $450 | May 15, 2024 | May 15, 2029 | 540 | 705 | |||||||||||
7 | Sisecam (SISE) | - | 8.00% | $225 | May 14, 2024 | May 2, 2032 | 355 | 532 | Citibank (Citigroup/New York/C) Global Markets Limited, HSBC (London/HSBA), JPMorgan (New York/JPM) Securities plc, Bank of America Merrill Lynch (BofA Securities Inc, a unit of Bank of America (New York/BAC)) | ||||||||||
8 | Sisecam (SISE) | - | 7.50% | $175 | May 14, 2024 | May 2, 2029 | 304 | 482 | Citibank (Citigroup/New York/C) Global Markets Limited, HSBC (London/HSBA), JPMorgan (New York/JPM) Securities plc, Bank of America Merrill Lynch (BofA Securities Inc, a unit of Bank of America (New York/BAC)) | ||||||||||
9 | XS2796472384 | Euribor+ | $100 | May 8, 2024 | May 8, 2034(/29) | - | - | subordinated/Tier II | IFC | ||||||||||
10 | Ford Otosan (FROTO) | XS2782775345 | 7.125% | $500 | Apr 25, 2024 | Apr 25, 2029 | 243 | 411 | 7.13% | 100 | |||||||||
11 | Sisecam (SISE) | - | 8.625% | $600 | Apr 24, 2024 | May 2, 2032 | 398 | 552 | Citibank (Citigroup/New York/C) Global Markets Limited, HSBC (London/HSBA), JPMorgan (New York/JPM) Securities plc, Bank of America Merrill Lynch (BofA Securities Inc, a unit of Bank of America (New York/BAC)) | ||||||||||
12 | Sisecam (SISE) | - | 8.25% | $500 | Apr 24, 2024 | May 2, 2029 | 361 | 514 | Citibank (Citigroup/New York/C) Global Markets Limited, HSBC (London/HSBA), JPMorgan (New York/JPM) Securities plc, Bank of America Merrill Lynch (BofA Securities Inc, a unit of Bank of America (New York/BAC)) | ||||||||||
13 | Vakifbank (VAKBN) | XS2793703500 | 10.1173% | $550 | Apr 17, 2024 | Perpetual (April 2029/34) | 541 | 705 | subordinated/AT1 | 10.125% | 542 | 705 | - | - | Abu Dhabi Commercial Bank PJSC (Abu Dhabi/ADCB), Emirates NBD, First Abu Dhabi (FAB) Bank PJSC (Abu Dhabi/FAB), ING Bank (Amsterdam/INGA), JPMorgan (New York/JPM), Mitsubishi UFJ Financial Group (MUFG Bank/Tokyo/8306), Qatar National Bank (QNB) Capital, Societe Generale (Paris/GLE), Standard Chartered Bank (London/STAN) | ||||
14 | - | 9.743% | $500 | Mar 26, 2024 | Perpetual (July 2029/34) | 534 | 660 | subordinated/AT1 | - | - | - | - | - | Abu Dhabi Commercial Bank PJSC (Abu Dhabi/ADCB), Bank of America (New York/BAC), Citibank (Citigroup/New York/C), Emirates NBD, Morgan Stanley (New York/MS), Standard Chartered Bank (London/STAN) | |||||
15 | TSKB (TSKB) (AT1) | - | 9.75% | $300 | Mar 14, 2024 | Perpetual | 531 | 659 | subordinated/AT1 | - | - | - | - | - | Abu Dhabi Commercial Bank PJSC (Abu Dhabi/ADCB), BNP Paribas (Paris/BNP), Citibank (Citigroup/New York/C), ING Bank (Amsterdam/INGA), Standard Chartered Bank (London/STAN) | ||||
16 | Treasury | - | 5.875% | €2,000 | Mar 15, 2024 | May 31, 2030 | MS+316 | 272 | EUR | 6.125% | MS+340.5 | 297 | 98.715 | Deutsche Bank (Frankfurt/DBK), HSBC (London/HSBA), JPMorgan (New York/JPM), Societe Generale (Paris/GLE) | |||||
17 | Akbank (AKBNK) (AT1) | 9.3686% | $600 | Mar 7, 2024 | Perpetual | 512 | 615 | subordinated/AT1 | - | - | - | - | - | Abu Dhabi Commercial Bank PJSC (Abu Dhabi/ADCB), Citibank (Citigroup/New York/C), Emirates NBD Capital Limited, JPMorgan (New York/JPM), Mitsubishi UFJ Financial Group (MUFG Bank/Tokyo/8306), Standard Chartered Bank (London/STAN) | |||||
18 | XS2773062471 | 8.375% | $500 | Feb 21, 2024 | Feb 28, 2034(/29) | 406 | 548 | subordinated | - | - | - | - | - | BBVA, Bank of America (New York/BAC) Securities, ING Bank (Amsterdam/INGA), Dubai-based Mashreq PSJC (Mashreqbank), Morgan Stanley (New York/MS), Standard Chartered Bank (London/STAN) | |||||
19 | Treasury | US900123DK30 | 7.625% | $3,000 | Feb 8, 2024 | May 15, 2034 | 348 | 441 | 7.875% | 371 | 466 | 98.282 | Bank of America (New York/BAC), Citibank (Citigroup/New York/C), ING Bank (Amsterdam/INGA), Goldman Sachs (New York/GS), Morgan Stanley (New York/MS) | ||||||
20 | We Soda (UK/Ciner) | USG95448AC32 | 9.375% | $500 | Feb 7, 2024 | Feb 14, 2031 | 532 | 612 | 9.375% | 532 | 612 | 100.000 | BNP Paribas (Paris/BNP), Goldman Sachs (New York/GS), JPMorgan (New York/JPM), Deutsche Bank (Frankfurt/DBK), Emirates NBD Capital Limited, Mitsubishi UFJ Financial Group (MUFG Bank/Tokyo/8306), PNC Bank (New York/PNC), Bank of China (Shanghai/601988) | ||||||
21 | XS2764457235 | 8.375% | $500 | Feb 7, 2024 | Feb 14, 2029 | 432 | 512 | BBVA, JPMorgan, Standard Chartered, BofA Securities, Emirates NBD Capital, ICBC, ING, QNB Capital, Societe Generale | |||||||||||
22 | Eximbank | XS2750476603 | 7.50% | $500 | Jan 30, 2024 | Feb 6, 2028 | 350 | 439 | 7.75% | 375 | 464 | BBVA (Madrid/BBVA) Securities Inc., Citibank (Citigroup/New York/C) Global Markets Limited, Emirates NBD Capital Limited, Industrial & Commercial Bank of China (ICBC/Shanghai/601398) Standard Bank, ING Bank (Amsterdam/INGA) N.V., Mitsubishi UFJ Financial Group (MUFG Bank/Tokyo/8306) Securities EMEA, SMBC (Sumitomo Mitsui Banking Corporation/Tokyo/8316) Nikko, Standard Chartered Bank (London/STAN), Societe Generale (Paris/GLE) | |||||||
23 | XS2744911830 | 9.375% | $400 | Jan 10, 2024 | Jan 17, 2034(/29) | 534 | 633 | subordinated | |||||||||||
24 | XS2741069996 | 9.25% | $650 | Jan 10, 2024 | Jan 17, 2034(/29) | 521 | 621 | subordinated | Abu Dhabi Commercial Bank PJSC (Abu Dhabi/ADCB), Citibank (Citigroup/New York/C), JPMorgan (New York/JPM), Mitsubishi UFJ Financial Group (MUFG Bank/Tokyo/8306), SMBC (Sumitomo Mitsui Banking Corporation/Tokyo/8316) Nikko, Standard Chartered Bank (London/STAN) | ||||||||||
25 | Ziraat Bank | XS2741927805 | 8.00% | $500 | Jan 9, 2024 | Jan 16, 2029 | 403 | 492 | green | 8.125% | 416 | 505 | Abu Dhabi Commercial Bank PJSC (Abu Dhabi/ADCB), BNP Paribas (Paris/BNP), Citibank (Citigroup/New York/C) Global Markets Limited, ING Bank (Amsterdam/INGA) London branch, JPMorgan (New York/JPM) Securities plc and Mizuho Bank (Tokyo/8411) International plc | ||||||
26 | TAV (TAVHL) | US87216EAA47 | 8.50% | $400 | Nov 30, 2023 | Dec 7, 2028 | 419 | 512 | 6.87% | ||||||||||
27 | Istanbul Municipality (IBB) | XS2730249997 | 10.50% | $715 | Nov 29, 2023 | Dec 6, 2028 | 628 | 718 | green | 10.50% | 628 | 718 | 100.000 | ||||||
28 | Yapi Kredi Bank (YKBNK) | XS2724475194 | 9.25% | $300 | Nov 20, 2023 | Oct 16, 2028 | 481 | 576 | green / re-open | 8.750% | 431 | 526 | |||||||
29 | Mersin Port | US590454AC80 | 8.25% | $600 | Nov 8, 2023 | Nov 15, 2028 | 374 | 459 | 8.50% | 399 | 484 | 98.999 | |||||||
30 | XS2678233243 | 10.75% | $300 | Nov 9, 2023 | Nov 15, 2033 (/28) | 613 | 705 | subordinated | 10.75% | 613 | 705 | 100.000 | |||||||
31 | Treasury (sukuk) | XS2689091846 | 8.51% | $2,500 | Nov 7, 2023 | Jan 14, 2029 | 394 | 491 | sukuk | 8.50% | 395 | 492 | 100.000 | ||||||
32 | Ziraat Katilim (sukuk) | 9.375% | $500 | Nov 6, 2023 | Nov 12, 2026 | 476 | 570 | sukuk | 9.375% | 476 | 570 | 99.996 | |||||||
33 | Eximbank | XS2692231975 | 9.00% | $500 | Oct 25, 2023 | Jan 28, 2027 | 341 | 496 | 9.125% | 354 | 509 | 99.586 | |||||||
34 | We Soda (UK/Ciner) | US92943TAA16 | 9.50% | $980 | Sep 28, 2023 | Oct 6, 2028 | 488 | 565 | 9.50% | 488 | 565 | 100.000 | BNP Paribas (Paris/BNP), Goldman Sachs (New York/GS), JPMorgan (New York/JPM), Deutsche Bank (Frankfurt/DBK), Emirates NBD Capital Limited, Mitsubishi UFJ Financial Group (MUFG Bank/Tokyo/8306), PNC Bank (New York/PNC), Bank of China (Shanghai/601988) | ||||||
35 | Arcelik (ARCLK) | XS2695038401 | 8.50% | $500 | Sep 25, 2023 | Sep 25, 2028 | 393 | 467 | 8.50% | 393 | 467 | JPMorgan (New York/JPM) | |||||||
36 | TSKB (TSKB) | XS2678232781 | 9.375% | $300 | Sep 19, 2023 | Oct 19, 2028 | 487 | 550 | green | 9.500% | 499 | 562 | |||||||
37 | Yapi Kredi Bank (YKBNK) | XS2445343689 | 9.25% | $500 | Sep 13, 2023 | Oct 16, 2028 | 486 | 550 | green | 9.375% | 499 | 562 | |||||||
38 | Vakifbank (VAKBN) | XS2677517497 | 9.00% | $750 | Sep 12, 2023 | Oct 10, 2028 | 464 | 527 | green | 9.125% | 475.4 | 540 | 99.482 | Abu Dhabi Commercial Bank PJSC (Abu Dhabi/ADCB), BNP Paribas (Paris/BNP), Citibank (Citigroup/New York/C), Deutsche Bank (Frankfurt/DBK), Emirates NBD Capital Limited, ING Bank (Amsterdam/INGA), Standard Chartered Bank (London/STAN), Dubai-based Mashreq PSJC (Mashreqbank) and SMBC (Sumitomo Mitsui Banking Corporation/Tokyo/8316) Nikko | |||||
39 | Akbank (subordinated) | XS2611752317/XS2611752663/XS2611747234 | 9.60% | $300 | Jul 25, 2023 | Jul 25, 2033(/28) | 574 | 525 | subordinated/green | ebrd | ifc | aiib | |||||||
40 | Treasury | 9.125% | $2,500 | Apr 13, 2023 | Jul 13, 2030 | 597 | 396 | green | |||||||||||
41 | Treasury | 9.375% | $2,250 | Mar 8, 2023 | Mar 14, 2029 | 517 | 393 | 10 | |||||||||||
42 | Ziraat Bank | XS2581381634 | 9.50% | $500 | Jan 25, 2023 | Aug 1, 2026 | 566 | 410 | 10 | Emirates NBD Capital Limited, Goldman Sachs (New York/GS), Dubai-based Mashreq PSJC (Mashreqbank), SMBC (Sumitomo Mitsui Banking Corporation/Tokyo/8316) Nikko, Standard Chartered Bank (London/STAN) and Societe Generale (Paris/GLE) | |||||||||
43 | Eximbank | XS2395576437 | 9.375% | $500 | Jan 24, 2023 | Jan 31, 2026 | 552 | 387 | 10 | ||||||||||
44 | Treasury | 9.375% | $2,750 | Jan 11, 2023 | Jan 19, 2033 | 619 | 427 | 10 | Citi, Goldman Sachs ve Standard Chartered | ||||||||||
45 | Treasury | US900123DF4 | 9.870% | $2,000 | Dec 1, 2022 | Jan 15, 2028 | 530 | 459 | re-open | ||||||||||
46 | Treasury | US900123DF4 | 9.875% | $1,500 | Nov 7, 2022 | Jan 15, 2028 | 561 | 427 | |||||||||||
47 | Treasury (sukuk) | XS2523929474 | 9.758% | $2,500 | Oct 6, 2022 | Nov 13, 2025 | MS+545.5 | 239 | sukuk | ||||||||||
48 | XS1626188491 | 12% | $85 | May 4, 2022 | Jun 12, 2032 (2027) | - | - | subordinated | |||||||||||
49 | Istanbul Municipality | XS2468421248 | 10.75% | $305 | Apr 5, 2022 | Apr 12, 2027 | 819 | 528 | |||||||||||
50 | Treasury | 8.60% | $2,000 | Mar 18, 2022 | Sep 24, 2027 | 645 | 294 | 9 | 100 | ||||||||||
51 | Treasury (sukuk) | XS2441287773 | 7.25% | $3,000 | Feb 24, 2022 | Feb 24, 2027 | MS+525 | 208 | sukuk | 7 | 100 | ||||||||
52 | Coca-Cola Icecek (CCOLA) | XS2434515313 | 4.50% | $500 | Jan 14, 2022 | Jan 20, 2029 | 278 | -92 | ebrd | ||||||||||
53 | Treasury | US900123CQ19 | 6.125% | $750 | Sep 20, 2021 | Oct 24, 2028 | 460 | ||||||||||||
54 | Treasury | US900123DD96 | 6.50% | $1,500 | Sep 13, 2021 | Sep 20, 2033 | 518 | ||||||||||||
55 | Vakifbank (VAKBN) | XS2386558113 | 5.50% | $500 | Sep 10, 2021 | Oct 1, 2026 | 468 | ||||||||||||
56 | XS2384355520 | 6.125% | $350 | Sep 10, 2021 | Dec 16, 2031 | 531 | sukuk-subordindated | ||||||||||||
57 | Aydem (AYDEM) | 7.75% | 750 (704) | Jul 26, 2021 | Feb 2, 2027 | 702 | ebrd | ||||||||||||
58 | Hyundai Assan | XS2362559481 | 1.63% | $300 | Jul 6, 2021 | Jul 12, 2026 | 82 | ||||||||||||
59 | Treasury | XS2361850527 | 4.375% | €1,500 | Jun 30, 2021 | Jul 8, 2027 | MS+468 | ||||||||||||
60 | Eximbank | XS2332876106 | 5.75% | $750 | Jun 29, 2021 | Jul 6, 2026 | 486 | ||||||||||||
61 | Sasa (SASA) (covertible) | XS2357838601 | 3.250% | EUR200 (103) | Jun 22, 2021 | Jun 30, 2026 | ECB+379 | convertible | |||||||||||
62 | Anadolu Efes (AEFES) | 3.375% | $500 | Jun 22, 2021 | Jun 29, 2028 | 215 | ebrd | ||||||||||||
63 | Akbank (subordinated) | 6.80% | $500 | Jun 15, 2021 | Jun 22, 2031(/26) | 529 | subordinated - green | ||||||||||||
64 | Treasury (sukuk) | XS2351109116 | 5.125% | $2,500 | Jun 15, 2021 | Jun 22, 2026 | MS+427 | sukuk | |||||||||||
65 | QNB Finansbank | XS2354246220 | 3.349% | $50 | Jun 14, 2021 | Jun 17, 2024 | EBRD | green | emtn | unsecured | at maturity | ||||||||
66 | Zorlu Yenilenebilir | XS2346915890 | 9.00% | $300 | May 26, 2021 | Jun 1, 2026 | 820 | ||||||||||||
67 | Arcelik | - | 3.00% | €350 | May 20, 2021 | May 27, 2026 | ECB+322 | green | |||||||||||
68 | LimakPort | XS2339789732 | 9.50% | $370 | May 11, 2021 | May 1, 2036 | 786 | ||||||||||||
69 | Pegasus (PGSUS) | - | 9.25% | $375 | Apr 30, 2021 | Apr 30, 2026 | 839 | ||||||||||||
70 | Ziraat Bank | 5.375% | $600 | Jan 26, 2021 | Mar 2, 2026 | 496 | 212 | ||||||||||||
71 | Treasury | 4.75% | $1,750 | Jan 26, 2021 | Jan 26, 2026 | 445 | 150 | ||||||||||||
72 | Treasury | US900123DC14 | 5.875% | $1,750 | Jan 26, 2021 | Jun 26, 2031 | 486 | 262 | |||||||||||
73 | XS2286436451 | 7.875% | $500 | Jan 15, 2021 | Jan 22, 2031 | 679 | 472 | subordinated | |||||||||||
74 | TSKB | XS2281369301 | 5.875% | $350 | Jan 8, 2021 | Jan 14, 2026 | 539 | 281 | green | ||||||||||
75 | Istanbul Municipality | XS2010029234/US46522TAA60 | 6.375% | $580 | Dec 1, 2020 | Dec 9, 2025 | 617 | 99 | |||||||||||
76 | Vakifbank | XS2266963003 | 6.50% | $750 | Dec 1, 2020 | Jan 8, 2026 | 621 | 99 | |||||||||||
77 | Treasury | US900123DA57 | 5.95% | $2,250 | Nov 24, 2020 | Jan 15, 2031 | 512 | ||||||||||||
78 | Ulker | XS2241387500 | 6.95% | $650 | Oct 30, 2020 | Oct 29, 2025 | 660 | ||||||||||||
79 | Treasury | US900123CZ18 | 6.40% | $2,500 | Oct 14, 2020 | Oct 14, 2025 | 609 | ||||||||||||
80 | Akbank | XS2211119313 | 6.05% | $50 | Jul 24, 2020 | Nov 15, 2024 | 578 | ||||||||||||
81 | Akbank | XS2131335270 | 6.80% | $500 | Jun 30, 2020 | Feb 6, 2026 | 651 | ||||||||||||
82 | Treasury | US900123CX69 | 4.25% | $2,000 | Feb 6, 2020 | Mar 13, 2025 | 280 | ||||||||||||
83 | Treasury | US900123CY43 | 5.45% | $2,000 | Feb 6, 2020 | Mar 13, 2030 | 380 | ||||||||||||
84 | Vakifbank | XS2112797290 | 5.25% | $750 | Jan 29, 2020 | Feb 5, 2025 | 385 | ||||||||||||
85 | Isbank | XS2106022754 | 7.75% | $750 | Jan 16, 2020 | Jan 22, 2030 | subordinated | ||||||||||||
86 | TSKB | XS2100270508 | 6.00% | $400 | Jan 15, 2020 | Jan 22, 2025 | |||||||||||||
87 | Fibabank | XS2096028571 | Floating | $30 | Dec 31, 2019 | Dec 31, 2029 | |||||||||||||
88 | Turkcell | XS1298711729 | 5.75% | $10 | Dec 20, 2019 | Oct 15, 2025 | |||||||||||||
89 | Garanti BBVA (GARAN) | XS2094608580 | 5.25% | $50 | Dec 12, 2019 | Dec 20, 2024 | |||||||||||||
90 | Mersin Port | XS2071397850 | 5.375% | $600 | Nov 7, 2019 | Nov 15, 2024 | ebrd | ||||||||||||
91 | Treasury | US900123CW86 | 5.60% | $2,500 | Nov 6, 2019 | Nov 14, 2024 | |||||||||||||
92 | Isbank | XS2041003901 | 8.10% | $50 | Aug 7, 2019 | Dec 3, 2029 | |||||||||||||
93 | Aktifbank | XS2034164074 | 6.50% | $40 | Jul 31, 2019 | Aug 1, 2029 | |||||||||||||
94 | Kuveyt Turk Bank | XS2028862998 | 9.13% | $200 | Jul 2, 2019 | Perpetual | |||||||||||||
95 | Treasury | US900123CV04 | 6.35% | $2,250 | Jul 10, 2019 | Aug 10, 2024 | |||||||||||||
96 | Vakifbank | XS1970705528 | 8.125% | $600 | Mar 21, 2019 | Mar 28, 2024 | 103 | 7 | UST+454 | 5 | Vakifbank | 150 | Jun 25, 2019 | Jul 16, 2025 | |||||
97 | Sisecam (SISE) | XS1961010987 | 6.95% | $700 | Mar 20, 2019 | Mar 14, 2026 | tender offer | ||||||||||||
98 | Treasury | US900123CT57 | 7.625% | $1,000 | Mar 26, 2019 | Apr 26, 2029 | |||||||||||||
99 | Yapi Kredi Bank | XS1958649854 | 8.25% | $500 | Mar 7, 2019 | Oct 15, 2024 | Yapi Kredi Bank | 6.05% | 50 | 43,840 | 45,636 | ||||||||
100 | Koc Holding | XS1961766596 | 6.50% | $750 | Mar 5, 2019 | Mar 11, 2025 | |||||||||||||
101 | QNB Finansbank | XS1959391019 | 6.875% | $500 | Feb 28, 2019 | Sep 7, 2024 | |||||||||||||
102 | Yapi Kredi Bank | XS1957348441 | FRN | $322 | Feb 25, 2019 | Nov 25, 2027 | 100 | 6 | MS+318 | ||||||||||
103 | Turk Telekom | XS1955059420 | 6.875% | $500 | Feb 21, 2019 | Feb 28, 2025 | 99 | 5 | MS + 446 bps | ||||||||||
104 | Treasury (sukuk) | XS1816199373 | 5.80% | $2,000 | Feb 21, 2019 | Feb 21, 2022 | |||||||||||||
105 | Treasury | XS1843443356 | 4.63% | €1,250 | Jan 31, 2019 | Mar 31, 2025 | 100 | 8 | UST + 497bp | 5 | |||||||||
106 | Eximbank | XS1917720911 | 8.25% | $500 | Jan 24, 2019 | Jan 24, 2024 | |||||||||||||
107 | Treasury | US900123CT57 | 7.625% | $2,000 | Jan 16, 2019 | Apr 26, 2029 |