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Turkey’s Sovereign Wealth Seeks $500m Bond Deal: FT

TURKEY
  • "Banks hired by the Turkey Wealth Fund began pitching a US dollar-denominated bond to investors this week and started taking orders on Wednesday, according to documents seen by the Financial Times. The fund is seeking to raise about $500mn," the FT report.
  • They add that "Early indications suggested the deal was receiving robust demand, with orders of about $4.75bn. That has led bankers to reduce their guidance for the bond’s yield to 8.625 to 8.75 per cent, from more than 9 per cent initially, according to a term sheet."
  • Bloomberg initially reported on Feb 01 that the fund was seeking to debut a Eurobond sale soon.
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