Last Updated January 07, 2010
Turkey has announced a US$2bn bond issue, the largest ever 30-year bond from an emerging markets sovereign, covering almost 40% of its borrowing target for 2010.
The bond has a yield of 6.85% and a spread of 224.7 bp over benchmark US treasury bonds. It was oversubscribed by some 3.5 times and attracted investors from 25 countries. About US$1.75bn has been allocated to foreign investors – mostly to Europe, but also the US and Asia.
HSBC, JP Morgan and UBS are leading the deal.
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