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New Eurobonds issue: TuranAlem Finance BV

November 18, 2005 EuroWeek
TuranAlem Finance BV

Guarantor: JSC Bank TuranAlem
Rating: Baa2/BB-/BB
Amount: $200m
Maturity: 24 November 2008
Issue/re-offer price: 99.724
Coupon: three month Libor plus 165bp
Launch date: Thursday 17 November
Payment date: 24 November
Lead mgr: Credit Suisse First Boston

Bookrunner's comment:

Bank issuance from Kazakhstan and the CIS region has been dominated by fixed rate deals so offering a floating structure is quite rare and a great opportunity for the borrower, which is one of the leading banks in the country, to diversify its investor base with banks and money market funds being particularly targeted.

The marketing roadshow throughout Europe and Asia went well and the bank received a good response from investors — especially banks that have not had too much exposure to this type of risk before as a result of not having lines in place to the country, to the floating rate risk or a combination of both.

However, more and more banks are going through the internal application process and are getting lines in place.

Because of its rarity there are no real comparables for pricing so we had to interpolate the bid price on the bank's 2009 fixed rate curve and adjust to size.

We went out with guidance on Monday in the 175bp range, which was perhaps a little early considering some of the banks were still getting their credit lines approved, but in all we got the deal done on Thursday with 41 accounts being allocated to an oversubscribed and solid book at 99.724 to give a spread of 175bp over three month Libor.

By geographic distribution, the UK took 36%, Germany and Austria 8%, Iberia 13%, Asia 10%, US offshore 13%, Switzerland 5% and the rest of Europe 15%.

By investor type, asset managers bought 30%, banks 40%, insurance companies 15% and private banks 15%.
  • Full name
    TuranAlem Finance B.V.