Turkey: sovereign wealth fund pulls as biscuit maker presses on

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By Lewis McLellan
21 Oct 2020

Ülker Bisküvi Sanayi, a Turkish biscuit manufacturer, is set to come to market for a benchmark bond on Thursday, attempting to print a deal in a market that the country’s sovereign wealth fund deemed too hostile to make its debut in.

Bank of America and JP Morgan are global coordinators, HSBC is joint lead manager while Rabobank and Renaissance Capital join the transaction as co-managers.

The deal will be a five year dollar benchmark, and the leads have set initial price thoughts at 7.25% to 7.375%. Ülker Bisküvi Sanayi ...

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