EIB breaks new ground with lira dual tranche

The European Investment Bank has reached a new milestone in the Turkish lira market, offering investors a Tl400m ($255m) dual tranche deal — the largest in the market since a KfW deal in July 2009. Strong retail interest in the currency through the second half of last year led to inflows and a rates rally. This means there is a shortage of bonds with a market coupon, with many older bonds trading in the 103/104 area.