By Aaron Hochman-Zimmerman
New York, Jan. 8 - The Republic of Turkey (Ba3/BB-/BB-) retapped its 6¾% notes due 2018 for $1 billion, according to a market source.
The bonds were priced at 103.34 which brought a yield of 6.3% and a spread of 246 basis points over Treasuries.
The yield matched the talk of 6.3% and a price in the 103.34 area.
JP Morgan and Merrill Lynch were mandated as the bookrunners for the deal.
Proceeds from the sale will be used for general financing and budgetary purposes to include the repayment of debt.
The notes will mature on April 3, 2018.
Turkey priced the original $1.25 billion issue of the bonds on Sept. 26.
| Issuer: | Republic of Turkey
|
| Amount: | $1 billion (total size now $2.25 billion)
|
| Issue: | 10-year global notes
|
| Maturity: | April 3, 2018
|
| Coupon: | 6¾%
|
| Price: | 103.34
|
| Spread: | Treasuries plus 246 bps
|
| Bookrunners: | JP Morgan, Merrill Lynch
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 15
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB-
|
| Price talk: | Yield: 6.3%, price: 103.34 area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
