Tupras shrugs off macro noise in return to bonds
Turkish oil refiner Tüpraş is on screens for the first time in five years, with the transaction expected to be successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.
Tüpraş, rated Ba1/—/BBB-, finished a roadshow on Wednesday for an up to 10 year dollar trade, but hit screens more conservatively on Thursday with a seven year maturity.
The trade is at initial price thoughts of 5% area, equal to roughly a Z-spread of 286bp, according
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