Turkey prices $2.25bn flat to curve

AdobeStock_turkey_dollars_575x375_07Oct2020
By Mariam Meskin
25 Nov 2020

Turkey raised a dollar bond on Tuesday, pricing $2.25bn of 10 year funding flat to its curve, demonstrating that investors believe it is recovering after a period of financial peril.

The $2.25bn 5.95% January 2031 bond was priced with a yield of 6% — a spread of 511.7bp over US Treasuries.

Goldman Sachs, HSBC and Morgan Stanley were bookrunners on the Reg S/144A deal.

“This was a successful trade,” said a senior banking source based in Istanbul ...

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