Ziraat’s wait ends as favourable yields return

Istanbul px230 for global capital
By Steven Gilmore
26 Jun 2014

Turkey’s Ziraat Bankasi brought a long awaited debut deal on Thursday, 13 months after picking a lead manager line-up for its first international transaction. Three other issuers also picked the same day to launch bonds, but rarity value meant Ziraat had no trouble attracting investors.

The bank first picked issuers for a deal in May 2013, before the threat of US tapering and a series of political protests in Turkey.

“Market conditions became volatile and the rates on offer moved away from our target level,” said a source at the issuer. “But ...

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