Tupras shrugs off macro noise in return to bonds
Turkish oil refiner Tupras hit screens for the first time in five years on Thursday, with the transaction successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.
Tupras, 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 was marketed with initial price thoughts of 5% area, roughly a Z-spread of 286bp, according to GlobalCapital
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