By Rebecca Melvin
New York, March 19 – The Republic of Turkey priced a $1 billion add-on to its 7 5/8% notes due 2029 at 103.3 to yield 7.15%, or a yield spread of 454 basis points over U.S. Treasuries, on Tuesday, according to pricing term sheet filed with the Securities and Exchange Commission.
The deal printed tight to final guidance for a yield in the 7.2% area.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities plc were the joint bookrunners of the SEC-registered global bonds (Ba3//BB). Combined with the notes printed in January, total issue size is now $3 billion.
| Issuer: | Republic of Turkey
|
| Amount: | $1 billion add-on
|
| 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: | 103.3
|
| Yield: | 7.15%
|
| Spread: | 454 bps
|
| Trade date: | March 19
|
| Settlement date: | March 26
|
| Expected ratings: | Moody's: Ba3
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 7.2% area
|
| Total deal size: | $3 billion
|
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