The Republic of Turkey launched a pre-emptive strike in the international bond markets this week in an attempt to avoid having to compete with an expected post summer slew of emerging market Eurobond issues. ABN Amro and Deutsche Bank joint lead managed a Eu300m six year offering, the B1/B/B+ rated sovereign's second issue in the single European currency. The bonds featured a 9.625% coupon to give a yield of 9.74% and a spread of 516bp over the 6.875% May 2005 Bund on an fixed re-offer price of 99.50.
August 06, 1999
