Akbank has successfully completed the issuance of a USD 500 million 10.5NC5.5 T2 bond to international capital markets investors, achieving 8.25% yield. The geographical distribution of the issuance was allocated as follows: 73% to the UK and Ireland, 18% to Continental Europe, 4% to the USA, 4% to the Middle East, and 1% to Asia. With orderbooks above $1.2bn, Akbank moved straight to landing the transaction, 25bps tighter at 8.25% with a minimal concession to the market.
Akbank CEO Kaan Gür commented, “We are proud to announce the successful completion of our USD 500 million T2 bond issuance. Ahead of the scheduled 22nd June (called on 15th May) redemption of an existing Tier 2 issuance, we executed the transaction expeditiously to benefit from the strong pre-book building demand and leveraging a clear track record of calling capital issuance. We are proud to have successfully completed this transaction, which underscores the confidence placed in Akbank and the Turkish economy.”