Maturity: 9 August 2007
Issue price: 100.725
Fixed re-offer price: 99.725
Launch date: Wednesday 20 July
Payment date: 9 August
Joint books: TD Securities, Rabobank
TD — The Turkish lira market is ticking over and banks are selling off the long positions. This deal has been bought entirely by retail buyers and has been popular. Investors are especially attracted by the name.
Rabobank — This is our first Turkish lira deal since May. The sector has looked a little choppy in recent months and most lead managers have been waiting for things to settle.
The market is more stable now and this allowed us to bring what is Rabobank's first 2007 paper in this sector.
"...we decided not to participate in this because we launched our own deal a couple of weeks ago. The structure looks fine and I'm sure it will sell down — the coupon looks to be especially attractive."
"...we took a small position on this trade because it looked good. It is well structured and the pricing is fine."