Buying frenzy as Coca-Cola Icecek lands super tight trade
If there was any doubt that EM investors have plenty of cash to put to work, Turkey’s Coca-Cola Icecek (CCI) laid it to rest this week with a $500m deal that tightened 40bp from price talk and then rallied 20bp in the secondary market.
A perfect combination of good credit fundamentals, branding and rarity of corporate supply enabled the largest bottling firm in Turkey to print well inside both the Turkish sovereign curve and its own pricing range on Tuesday.
Leads BNP Paribas
, JP Morgan
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