Dubai: Turkey’s Akbank has set initial price guidance for its planned subordinated US dollar bond in the region of 7.5 per cent, a document issued by one of the lead banks showed.

The Tier 2 bond, which has a 10-year maturity and is non-callable for five years, is expected to amount to $500 million (Dh1.8 billion).

Bank of America Merrill Lynch, Citi, Goldman Sachs International, HSBC, Societe Generale and Standard Chartered are the bookrunners. The bond is expected to price on Wednesday.