Turkey bond question rises as reserves dwindle

By Ross Lancaster
28 Jul 2020

Despite the success of many emerging market sovereigns in issuing bonds in international markets this year, Turkey, typically a leading issuer, has been notable by its absence. And with its foreign exchange reserves running lower, the risks of it not being able to come to market at all could be mounting.

Since selling a $4bn dual tranche trade in February, Turkey has turned to its local market for funding, even issuing hard currency bonds to domestic investors there. On Tuesday, Turkey issued another $3bn of three year dollar paper.

Syndicate bankers have been wondering about when Turkey will return ...

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