By Paul A. Harris
Portland, Ore., Jan. 10 – Republic of Turkey priced a $2 billion issue of 7 5/8% notes due April 26, 2029 (Ba3//BB) at 99.555 to yield 7.68% on Wednesday, according to market sources.
The yield printed tight to yield talk in the 7 7/8% area.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities plc were the joint bookrunners.
Proceeds will be used for general financing purposes, including debt repayment.
| Issuer: | Republic of Turkey
|
| Amount: | $2 billion
|
| Maturity: | April 26, 2029
|
| Securities: | Notes
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities plc
|
| Coupon: | 7 5/8%
|
| Price: | 99.555
|
| Yield: | 7.68%
|
| Spread: | 497 bps
|
| Trade date: | Jan. 9
|
| Expected ratings: | Moody's: Ba3
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 7 7/8% area
|
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