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Western EuropeOctober 3 2004

Turkish upward trends

Turkish borrowers have been enjoying improved conditions this year, as economic growth moves the country beyond the effects of the deep recession and currency crisis that struck in 2000 and prepares it for EU entry.
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With the help of an anticipated new loan programme from the IMF, and with investors optimistic about the decision on membership of the European Union, Turkey has become a favoured credit, and recent sovereign bond offerings have all met with heavy demand.

The Turkish Treasury estimates that it will issue roughly $5bn-worth of bonds on the international markets during 2004. In January, it sold $1.5bn-worth of 30-years bonds in a deal led by Citigroup Global Markets and UBS. In February, it launched a e1bn offering of 10-year bonds, led by Credit Suisse First Boston and Dresdner Kleinwort Wasserstein. And in June, there was a $750m offering of seven-year bonds led by JPMorgan Securities and Lehman Brothers.

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