Istanbul set to raise $580m in rare bond

By Mariam Meskin
02 Dec 2020

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 ...

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