By Christine Van Dusen
Atlanta, Feb. 16 – Turkey priced a $1.25 billion tap of its 6% notes due March 25, 2027 (expected ratings: Ba1//BB+) at 102.639 to yield 5.65%, or Treasuries plus 320.5 basis points, on Thursday, a market source said.
The notes were talked in the 5.85% area.
The original $2 billion issue priced in January at 98.858 to yield 6.15%, or Treasuries plus 375.7 bps.
Those notes were initially talked in the 6.2% area.
BNP Paribas, JPMorgan and MUFG are the bookrunners for the Securities and Exchange Commission-registered deal.
The proceeds will be used for general financing purposes.
| Issuer: | Turkey
|
| Amount: | $1.25 billion
|
| Maturity: | March 25, 2027
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, JPMorgan, MUFG
|
| Coupon: | 6%
|
| Price: | 102.639
|
| Yield: | 5.65%
|
| Spread: | Treasuries plus 320.5 bps
|
| Trade date: | Feb. 16
|
| Settlement date: | Feb. 23
|
| Expected ratings: | Moody’s: Ba1
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 5.85% area
|
| Original issue: | $2 billion priced at 98.858 to yield 6.15% in January
|
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