Turkey raises $1.9bn in Türk Telekom privatisation

Turkey priced the long awaited privatisation of its fixed landline operator Türk Telekom on Monday, raising $1.9bn. Although it was priced at a discount to Turkish stocks, the deal is a success in difficult Turkish markets, where shares have lost 24% so far this year. The IPO, managed by Deutsche Bank and Garanti Securities, keeps the emerging markets deal flow alive after Deutsche Bank had to scrap the $487m flotation of Future Pipe two weeks ago. Read EuroWeek on Friday for a complete analysis.