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Bond Market News
Yapi Kredi Prices Third Turkish AT1 of 2024 at 9.75%
March 27, 2024
Yapi Kredi raised $500mn via a PerpNC5.25 AT1 bond at a yield of 9.75%, 25bp inside initial guidance of 10% area. The junior subordinated notes are rated CCC by Fitch. The bonds are callable from 4 April 2029 until 4 July 2029 and if not called, the coupon resets then and every five years at the 5Y CMT plus 549.9bp. A trigger event would occur if the CET1 ratio (solo or consolidated), is below 5.125%. Bloomberg notes that the recent USD-denominated issuances from Turkish banks come as protection measure against a volatile lira. The new bonds are priced 48bp wider to Akbank’s recently priced 9.369% Perp callable in March 2029, that currently yields 9.27% to call. The new bonds are also priced 7bp wider to TSKB’s recently priced 9.75% Perp callable in March 2029, that currently yields 9.68% to call.
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