Turkey leaves 'a bit on the table' to take a third of annual funding need

AdobeStock_Turkeydollar_575x375.jpeg
By Mariam Meskin
20 Jan 2021

Turkey raised approximately a third of its total financing requirements for the year on Tuesday in a single bond issue. Though the deal included a new issue premium, market participants were impressed with the borrower's execution.

The dual tranche Reg S issue consists of a $1.75bn 4.75% January 2026 tranche and a $1.75bn 5.875% June 2031 bond.

The five year tranche was priced 99.34 to yield 4.9% and the 10 year at 99.43 to reoffer 5.95%. Pricing was tightened from initial price thoughts of 5.25% area ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial