Turkish Treasury mandates banks for 10-year Eurobond issue.
As part of its 2014 external borrowing program, Turkey’s Treasury has mandated Citigroup, HSBC and Morgan Stanley for the issuance of a Dollar denominated bond due 2024.
The Treasury did not provide other details but bankers told Reuters on Wednesday that initial price guidance for Turkish Treasury's 10-year dollar-denominated Eurobond is at around 6%. This issue will be a test for foreign investors’ appetite for Turkish assets and investors’ confidence in the Turkish economy.
The Treasury plans to borrow USD 6bn from international markets this year through Eurobond, Samurai and sukuk bond issues.
| 2013 External Borrowing | ||||||
| Issue type | Issue date | Maturity | Currency | Amount (USD) | Coupon (%) | Rate of Return (spread) bp |
| Global USD | Jan-13 | 2023 | USD | 1.5bn | 3.250 | UST+160bp |
| Private placement | Feb-13 | 2033 | JPY | 202mn | 2.680 | Yen Swap+89bp |
| Global USD | Apr-13 | 2043 | USD | 1.5bn | 4.875 | UST+200.9bp |
| Global USD | Nov-13 | 2021 | USD | 1.69bn | 4.350 | MS+272bp |
| Lease Certificate Issuance | ||||||
| Issue date | Maturity | Currency | Amount (USD) | Yield | Rate of Return (spread) bp | |
| Oct-13 | 2018 | USD | 1.25bn | 4.557 | MS+300bp | |
| Total | USD | 6.139bn | ||||
| Source: Treasury- Public Debt Management Report/Dec 2013 | ||||||
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