Turk Exim triumphs on return after more than a decade away

Rarity helped the performance of one of the last emerging market new issues to surface before the sector sold off this week. Export Credit Bank of Turkey’s $500m 5.375% five year note — the Ba1/BB agency’s reintroduction to the market after its last outstanding bond matured in 2005, and its first new issue since the 1990s — traded as high as a point above re-offer after it was 4.5 times oversubscribed at the end of last week.