Strong book sees Turkey forgiven, but Qatar takes toll on pricing

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By Virginia Furness
08 Jun 2017

Turkey took €2.5bn of orders for its new euro trade on Wednesday, which bankers said was a strong showing despite the fact that market volatility and Turkey’s involvement in the Qatar crisis meant that the issuer did not print at the tight end of guidance.

Leads BNP ParibasHSBC and UniCredit started pricing at 295bp area over mid-swaps before revising guidance to 280bp-285bp. The trade was printed at 285bp, the top end of guidance, with a book of €2.5bn from 178 accounts.

Confusion over Turkey’s involvement in the Qatar crisis had a direct impact on ...

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