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TURKEY: Turkey Sells $3.5bn Long 10-Year USD Benchmark to Yield 6.75%

TURKEY
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  • Turkey is selling $3.5bn in long 10-year USD bonds at 98.185 to yield 6.75%. That compares to initial price talk in the 7.125% area. In July, Turkey sold $1.5bn in dollar bonds maturing in eight years. In March, it raised EUR 2bn ($2.2bn) via its first euro issuance in about three years, which followed a month after a $3bn 10-year dollar deal with a yield of 7.875%. Total sales this year brings Turkey closer to plans to borrow $10bn from international markets in 2024.
  • There is little else in the way of notable domestic news flow today, with local focus turning to August trade balance figures on the docket tomorrow (Est: -$4.90bn; Prior: -$7.29bn).
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  • Turkey is selling $3.5bn in long 10-year USD bonds at 98.185 to yield 6.75%. That compares to initial price talk in the 7.125% area. In July, Turkey sold $1.5bn in dollar bonds maturing in eight years. In March, it raised EUR 2bn ($2.2bn) via its first euro issuance in about three years, which followed a month after a $3bn 10-year dollar deal with a yield of 7.875%. Total sales this year brings Turkey closer to plans to borrow $10bn from international markets in 2024.
  • There is little else in the way of notable domestic news flow today, with local focus turning to August trade balance figures on the docket tomorrow (Est: -$4.90bn; Prior: -$7.29bn).