Arcelik euro bond opens door for elite sub-IG EM corporates

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By Virginia Furness
11 Sep 2014

White goods company Arcelik priced the first ever sub-investment grade emerging market euro deal with no high yield covenants on Wednesday. While bankers claim the deal paves the way for more Turkish corporate deals with no covenants, they admit that only an elite group will be able to follow.

As Arcelik did not have high yield covenants on its previous dollar transaction, it was keen to press ahead without them this time round. 

Bankers on the deal admit that some investors had expressed concern and that initially, they were unsure which group of investors the bond ...

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