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Turkey tightened the spread on its SEC-registered Global benchmark dollar bonds, raising a collective $3.5 billion through a seven-year long and 12-year tranches.
The $2 billion-sized seven-year Eurobond saw a coupon of 6.30%, tightened from initial price thoughts in the 6.65% area. The yield was set at 6.35%, with a spread of yield +244.7 bp and a reoffer price of 99.726.
The $1.5 billion 12-year bond saw a coupon of 6.875%, with a 6.90% yield and a reoffer price of 99.798. The spread was set at T+276.2 bp.
The senior unsecured SEC registered global offerings will be listed on Luxembourg Stock Exchange (Regulated Market).
Turkey, rated Ba3 (Stable) by Moody’s and BB- (Stable) by Fitch, mandated Abu Dhabi Commercial Bank, BNP PARIBAS, Citi (B&D), Goldman Sachs and Standard Chartered as the bookrunners on the dual tranche.
Proceeds will be deployed for general budgetary purposes.
(Writing by Bindu Rai, editing by Brinda Darasha)
