Republic of Turkey €600m 5.5% Eurobond due in 2009
ABN AMRO and JPMorgan were joint lead managers and joint bookrunners
Turkey’s €600m bond issue marked the country’s return to the euro market and, more significantly, was priced at the lowest ever coupon achieved by a Turkish Eurobond.
Furthermore, the size and quality of the investor order book clearly demonstrated the international financial community’s ongoing confidence in the improving Turkish economy. A healthy order book in excess of €1.2bn resulted in the transaction, which was launched at €600m, being more than two times oversubscribed.
The issue was priced at 238bp over Bunds – 226bp over mid-swaps – illustrating Turkey’s remarkably reduced borrowing costs.
