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The Republic of Türkiye (Turkey), rated Ba3 (Stable) / BB- (Stable) (Moody’s / Fitch), has priced its $2.25 billion 11-year USD senior unsecured benchmark bond at 6.80% at par, with a fixed semi-annual coupon rate.
The price was tightened from the initial price thoughts in the 7.15% area.
The SEC Registered Global Offering has a settlement date of November 4.
The issuance will be listed on the Luxembourg Stock Exchange’s Regulated Market, with net proceeds deployed for general budgetary purposes.
JP Morgan, Morgan Stanley (B&D), SMBC and Societe Generale are bookrunners on the issuance.
Turkey has been tapping international debt markets on a regular basis this year, with the sovereign issuing a $2 billion 10-year bond as recent as last month, with a 7% yield.
In February, Turkey raised $2.5 billion through a bond offering, maturing in 2032 with a 7.2% yield, which was followed by a $2 billion raise in May.
(Writing by Bindu Rai, editing by Brinda Darasha)
