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Vakifbank to place up to 16B Turkish lira bonds

TürkiyeVakiflar Bankasi TAO's board of directors authorized the headoffice to issue up to 16 billion Turkish lira in bonds with a maximum maturityof five years.

The bonds will be sold domestically by public offeringand/or private placements, to retail, corporate and/or qualified investors.

Vakifbank on April 27 issued Turkey's first benchmarkeuro-denominated mortgage covered bond, a five-year issuance with a coupon of2.375% and a yield of 2.578%.

As of April 28, US$1was equivalent to 2.81 Turkish lira.