By Mary-Katherine Stinson
Lexington, Ky., Nov. 8 – The Republic of Turkey sold $1.5 billion 9 7/8% notes due Jan. 15, 2028, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.454 to yield 10%, or at a spread of 561.4 basis points to Treasuries.
The SEC registered notes are non-callable.
They are expected to be listed on the Luxembourg Stock Exchange.
BofA Securities, Inc., Goldman Sachs International and J.P. Morgan Securities plc are the lead managers and bookrunners.
The Ministry of Treasury and Finance said that the offer was more than 3x oversubscribed from over 150 accounts.
Turkey has raised $9 billion in the international capital markets in 2022, between bonds and lease certificates.
| Issuer: | Republic of Turkey
|
| Amount: | $1.5 billion
|
| Issue: | Notes
|
| Maturity: | Jan. 15, 2028
|
| Joint bookrunners: | BofA Securities Inc., Goldman Sachs International and J.P. Morgan Securities plc
|
| Trustee: | Fiscal agent
|
| Counsel to the issuer: | Arnold & Porter Kaye Scholer LLP
|
| Counsel to the bookrunners: | Clifford Chance LLP
|
| Coupon: | 9 7/8%
|
| Price: | 99.454
|
| Yield: | 10%
|
| Spread: | Treasuries plus 561.4 bps
|
| Call features: | Non-callable
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 15
|
| Distribution: | SEC registered
|
| Cusip: | 900123DF4
|
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