Wednesday, 7 January 2009

Turkey Goes Next; Citi, HSBC Handling Sale

As you might know, (if you read it here) the Philippines earlier this morning offered a benchmark size dollar bond offering. Turkey followed it -- basically there is a window of opportunity opened for borrowers with special funding requirements (the case of Turkey is well known, a country of deficits.) The Philippines are seeking funds to bolster public spending after the economy posted its worst quarterly performances in eight years in the second half of 2008.

Here is the information on Turkey's offering (courtesy of a good source involved in the transaction)
  • ISSUER: Republic of Turkey
  • ISSUE RATING: Ba3 (Stable) / BB- (Stable)
  • SIZE: US$ Benchmark Size (At Least $500 Million)
  • MATURITY: July 2017
  • GUIDANCE: 7.50 - 7.625%
  • FORMAT: Global SEC-Registered Fixed Rate Notes
  • LISTING: Luxembourg / State of New York
  • TIMING: Today's business
  • MANAGERS: Citigroup / HSBC Holdings Plc.

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