Tupras shrugs off macro noise in return to bonds

By Michael Turner
12 Oct 2017

Turkish oil refiner Tupras hit screens for the first time in five years on Thursday, with the transaction successful despite a geopolitical ruckus and a fatal tragedy at one of the company’s plants.

Tupras, rated Ba1/—/BBB-, finished a roadshow on Wednesday for an up to 10 year dollar trade, but hit screens more conservatively on Thursday with a seven year maturity.

The trade was marketed with initial price thoughts of 5% area, roughly a Z-spread of 286bp, according to GlobalCapital ...

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