Published on 10/16/2018 in the Prospect News Emerging Markets Daily.
New Issue: Turkey prices $2 billion 7¼% five-year notes at 98.917 to yield 7½%
By Paul A. Harris
Portland, Ore., Oct. 16 – Republic of Turkey priced a $2 billion issue of 7¼% global fixed-rate senior notes due December 2023 (expected ratings Ba3//BB) at 98.917 to yield 7½% on Tuesday, according to a market source.
The yield printed at the tight end of yield talk in the 7 5/8% area. Initial talk was in the 7¾% area.
Deutsche Bank, Goldman Sachs International and SG CIB were the bookrunners.
| Issuer: | Republic of Turkey
|
| Amount: | $2 billion
|
| Maturity: | Dec. 23, 2023
|
| Securities: | Global notes
|
| Bookrunners: | Deutsche Bank, Goldman Sachs International, SG CIB
|
| Coupon: | 7¼%
|
| Price: | 98.917
|
| Yield: | 7½%
|
| Spread: | 448 bps
|
| Trade date: | Oct. 16
|
| Expected ratings: | Moody's: Ba3
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 7 5/8% area
|
| Marketing: | Quick to market
|
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