Turkey kickstarts 2008 with 2018 tap
Turkey launched its 2008 borrowing yesterday (Tuesday) with a modest $1bn tap of its outstanding 2018 bonds. The new notes, priced at 103.34 or a 6.3% yield, were in line with guidance. While some bankers away from the transaction thought a new 30 year would have been a better option, they applauded the restraint of bookrunners JP Morgan and Merrill Lynch in printing just $1bn. Read EuroWeek on Friday for analysis of this and the wave of other deals building in the pipeline.
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