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The Republic of Türkiye (Turkey) has returned to debt markets this year with a second offering, this time a EUR-denominated eight-year benchmark issuance, with IPTs in the 5.5% area.
The senior unsecured SEC Registered Global offering has an expected rating of Ba3 (Stable) by Moody’s and BB- (Positive) by Fitch, in line with sovereign’s own rating.
Deutsche Bank, HSBC (B&D), JP Morgan, and Societe Generale have been listed as bookrunners. Books open today.
A listing on the London Stock Exchange’s International Securities Market is expected to follow.
The sovereign has marked the net proceeds for budgetary purposes.
In January, Turkey raised $3.5 billion through dual-tranche bonds, with a $2 billion-sized seven-year long issuance carrying a coupon of 6.30%, along with a $1.5 billion 12-year offering with a 6.875% coupon.
(Writing by Bindu Rai, editing by Seban Scaria)
