VTB Capital sells bond worth $169.5m in Turkey

VTB Capital has sold a two-year bond in Turkey to a total of 300m Turkish lira ($169.5m).

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Garanti Bank, one of Turkey’s biggest private lenders, organised the placement of the bond on the Istanbul Stock Exchange. The bond, sold to qualified investors, had a semi-annual coupon of 3.89%, the investment arm of Russia’s VTB bank said in a statement.

The deal was VTB Capital’s second successful placement of Turkish lira bonds – in April 2012 the bank raised 300m lira by selling a three-year bond, becoming the first foreign entity to issue a Turkish currency bond, the Moscow-based firm said.

VTB Capital has “built a very strong Turkey origination and coverage team that is providing leading investment banking services in Turkey”, said Makram Abboud, the firm’s chief executive for the Middle East and Africa.

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