Turkey
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The sovereign may soon receive a rating upgrade, following an outlook change by Fitch -
After a record 2024, Turkish corporate issuance slowed last year
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Demand well above expectations, given books opened on an FOMC rate decision day
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The commercial bank printed its first blue bond in a private format earlier in January
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Books were more than four times the issue size
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The company left plenty of new issue premium on the table
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CEEMEA market enjoyed a monster week of issuance in January's first four trading days
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Demand was near three times the size of the state-owned bank's deal
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Potential for record breaking January
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Demand for the Turkish bank's deal was about three times the issue size
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It has added three year loans to the autumn round after bringing them back in the spring
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11 year dollar deal started 30bp-35bp back of curve, but wiped that out with tightening
