In order to enable you to make use of our website in the best manner possible, we are positioning cookies specifically for the objectives and in strict compliance with the privacy rules. You may review our Cookie Policy in order to understand how we use cookies and how you can control and check the cookies.
How can we help you today?

Tier 2 (Subdebt) 

Since 2017, Akbank has issued three Tier 2 eurobonds totalling USD 1.400 million.

ISIN Issue Date Maturity Date Currency Issued Amount(Million) Coupon (%) Listed On Offering Circular
US00972BAB53/XS1574750292 15.03.2017 16.03.2027 USD 500 7.2 Irish Stock Exchange
US00972BAC37/XS1772360803 20.02.2018 27.04.2028 USD 400 6.8 Irish Stock Exchange
US00971YAJ91/XS2355183091 22.06.2021 22.06.2031 USD 500 6.8 Irish Stock Exchange
  • March 2017 –. 10NC5, Basel III, USD 500 million Tier 2:
    • First conventional subordinated bank-capital bond issuance out of Turkey since April 2016.
    • Debut subordinated bond offering by Akbank in 2017.
    • Akbank paved the way for subsequent issuances of the peers in 2017 and pioneered the Turkish banking sector once again.
    • The final book attracted c. USD 2 billion from 180 investors indicating a 4x oversubscription.
    • Tightest Senior vs. Tier 2 spread differential at issue in Turkey as of transaction date.
    • Largest order book for a Turkish Basel III compliant Tier 2 Bond as of transaction date.
    • In March 16 2022, Akbank successfully called its Tier 2 issuance.
  • February 2018 –10 NC5, Basel III, USD 400million Tier 2:
    • Lowest Basel III compliant T2 spread to mid-swaps ever recorded in Turkey (+403bps).
    • Successfully priced transaction amid volatile market conditions during live execution, at minimal New Issue Premium.
  • June 2021 – 10NC5, Basel III, USD 500 million sustainable Tier 2:
    • Akbank became the first deposit bank in the Turkish banking sector to issue sustainable subordinated debt.
    • The final book attracted c. USD 1.4 billion from more than 150 investors indicating a nearly 3x oversubscription.
    • The regional breakdown of the investors: 35% are from the United Kingdom, 30% from the United States (Americas), 30% from Europe and the remaining 5% from the Middle East and Asia.
    • 39% of total investors consist of ESG (sustainable debt instruments focused) investors
Subdebt- Investor Breakdown*

* Calculated according to initial allocation

Was this helpful? Yes No