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.