Figure 4: Turkish Tier 2 issuances

Deal size Coupon rate Investment

Issuer Tenor (years) Spread Date
(in millions) ( percent) grade

Vakıfbank 10 US$500 6.875 MS + 543.9bps BB 02.02.2015

Yapı Kredi Bank 10 US$500 8.5 MS + 731bps BB+ 09.03.2016

Akbank 10 US$500 7.2 T + 510.2bps BB 16.03.2017

Fibabanka 10.5 US$300 7.75 MS + 591.5bps B+ 24.05.2017

Garanti Bank 10 US$750 6.125 T + 427.7bps BB+ 24.05.2017

İşbank 11 US$500 7.0 MS + 511.7bps BB 29.06.2017

Odeabank 10 US$300 7.625 T + 579.9bps B+ 01.08.2017

Vakıfbank 10 US$228 8.0 - BB 01.11.2017

TSKB 10 US$300 7.625 MS + 564.2bps BB- 28.03.2017

Akbank 10 US$400 6.797 - BB 20.02.2018

Alternatifbank 10 US$300 8.75 MS + 783.3bp BBB- 16.04.2016

Albaraka Sukuk Limited 10 US$250 10.50 MS + 891bps B 30.11.2015

KT Sukuk Company 10 US$350 7.90 MS + 675bps BBB- 17.02.2016

Source: Thomson Reuters