Turkey clinches five year bond at premium

By Mariam Meskin
07 Oct 2020

The Republic of Turkey on Tuesday raised a five year dollar bond that priced slightly outside of some fair value estimations. However, despite a series of negative events in recent months, including currency depreciation, investors are still keen on getting stuck into Turkish debt, investors say.

The five year $2.5bn October 2025 bond was priced at a yield of 6.4%, equating to a spread of 608.7bp over US Treasuries. Sources said final books exceeded $5.8bn, affirming strong investor demand for the trade. 
On Tuesday afternoon, guidance stood at 6.4%-6.5%, tightening from initial price thoughts of ...

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