Istanbul set to raise $580m in rare bond
Turkey's largest city, the Istanbul Metropolitan Municipality, hit markets on Wednesday, seeking to raise dollars in a rare debt-raise. The deal is one of three major bonds from Turkish issuers in the last week.
The five year Reg S/144A December 2025 bond was capped at $580m as of Wednesday afternoon, with books standing in excess of $2bn. Initial price thoughts were 7% area, later tightening to 6.75% area.
Proceeds of the bond will be used to finance projects across the municipality's metro railway.One analyst confirmed the bond ...