By Rebecca Melvin
New York, Jan. 24 – The Republic of Turkey priced €1.25 billion of new 4 5/8% six-year notes (Ba3//BB) on Thursday at 99.36 to yield 4¾%, or a spread of 446 basis points over mid-swaps, according to a syndicate source.
Pricing of the notes was on the tight end of guidance for a yield of 4.8%, plus or minus 5 bps, and below initial price talk for a 5% area yield.
The Securities and Exchange Commission-registered global offering was sold via joint bookrunners BNP Paribas, Deutsche Bank and JPMorgan, which is doing billing and delivery.
The bonds will have a short, March 2019 first coupon date. They are expected to be listed on the Luxembourg Stock Exchange’s regulated market.
| Issuer: | Turkey
|
| Description: | Notes
|
| Amount: | €1.25 billion
|
| Maturity: | March 31, 2025
|
| Bookrunners: | BNP Paribas, Deutsche Bank and JPMorgan
|
| Coupon: | 4 5/8%
|
| Price: | 99.36
|
| Yield: | 4¾%
|
| Spread: | Mid-swaps plus 446 bps
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | Guided to 4.8% area, plus or minus 5 bps, from initial talk at 5% area
|
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