Turkey raises EUR1bn with eurobond

Turkey raises EUR1bn with eurobond

Published: April 11, 2014

Sovereign’s third issuance of the year brings it close to meeting 2014 borrowing target.

Turkey has raised €1bn (US$1.38bn) with its third international bond issuance of the year, bringing it close to meeting its 2014 borrowing target.

The deal saw the republic’s treasury sell nine-year paper with a coupon of 4.125%, tighter than the 4.35% achieved with its last euro-denominated issuance, an eight-year bond to raise €1.25bn in November 2013.

The order book for this latest deal reached about €6bn from 230 accounts. Deutsche bank, ING and JP Morgan ran the deal.

Turkey has now raised US$6.02mn in the international debt markets since late 2013, including the two euro deals as well as dollar issuances for US$2.5bn and US$1.5bn in January and February, respectively. That means the treasury’s borrowing programme for 2014 is now more than 90% complete.