This transaction marked Turkey’s return to the euro capital market since April 2002. It was also the first emerging market euro-denominated Eastern European sovereign transaction since June 2002.
The euro denomination allowed Turkey to tap its core investor base in Europe. Both institutional and retail investors provided a strong bid for the issue. The book was oversubscribed and comprised 70 different investors, many of which had not bought any of Turkey’s previous issues.
This issue was priced and launched within 24 hours of the mandate being awarded. This benchmark transaction firmly re-established Turkey in the euro capital market.
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