Turkey opens EM with narrow premiums
A quick start to the year paid off for Turkey, which conceded a slim new issue premium when it launched $2bn of 30 year bonds on Tuesday. The year’s first emerging market deal attracted strong demand, setting a positive tone for new issues, but secondary market weakness raised concerns over rates at the long end.
Leads HSBC, JPMorgan and UBS priced the issue to yield 6.85%, in line with guidance and equivalent to 224.7bp over
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