Turkiye Is Bankasi (Isbank) priced last week the first public Turkish deal to earn an underlying investment-grade rating from Standard & Poor's. Led by Standard Chartered, the $500 million transaction was split down the middle between seven-year and eight-year bonds. The slightly shorter paper, wrapped by MBIA, priced at 33 basis points over three-month Libor, according to a source familiar with the deal. The eight-year, backed by an Ambac surety, yielded 36 basis points over. Pricing was on Nov. 12; settlement is slated for this Monday.

Apart from the two larger pieces, a quietly placed 10-year $100 million tranche was issued at the behest of a single investor, according to sources. Those notes were unwrapped and priced at 183 basis points over Libor. While the insured pieces predictably carried triple-A ratings, the naked chunk was rated BBB-'/'Baa3' by Moody's Investors Service and S&P, according to the source. Pricing came within the guidance range for all the pieces.

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