By Reshmi Basu
New York, July 13 - The Republic of Turkey reopened its global bonds due Jan. 15, 2014 (Ba3/BB-/BB-) to add $500 million on Wednesday, according to market sources.
The reopening priced at 108.62 plus four days of accrued interest to yield 7.95%.
The deal priced in line with price guidance, which was set in the area of 8%.
Citigroup and HSBC were the bookrunners for the issue.
The additional issuance brings the total size of the deal to $1.75 billion. On Sept. 17, 2003, Turkey priced $1.25 billion of the 9½% bonds due 2014 at 99.06 to yield a spread of 550 basis points over Treasuries.
| Issuer: | Republic of Turkey
|
| Issue: | Reopening of 2014 bond
|
| Amount: | $500 million
|
| Total amount: | $1.75 billion
|
| Maturity: | Jan. 15, 2014
|
| Coupon: | 9½%
|
| Issue price: | 108.62 plus accrued interest for four days
|
| Yield: | 7.95%
|
| Spread: | Treasuries plus 550 basis points
|
| Pricing date: | July 12
|
| Settlement date: | July 19
|
| Bookrunners: | Citigroup, HSBC
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB-
|
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