LatAm Bonds

Turkey is likely to be the first borrower from Eastern Europe, the Middle East and Africa to venture into the new bond issue market in the new year, but origination bankers are tipping top Russian companies to announce roadshows as early as the second week in January.

Turkey’s director general of foreign economic relations at the Undersecretariat of Treasury, Memduh Aslan Akcay, told EuroWeek yesterday (Thursday) the sovereign had not finalised its 2008 borrowing programme, although he expects a similar target to 2007.

Uruguay successfully completed its latest debt management exercise this week: a $240m bond buyback in dollars, euros and Uruguayan pesos that underlined the government’s commitment to restructuring its debt profile.