Page 75 - TURKRptDec19

The Turkish Treasury sold $2.5bn of 5-year eurobonds​. The bookbuilding for the issue was concluded on November 7 with a 5.60% coupon and a yield to the investor of 5.70%, while the total amount was at the same time swapped into a EUR liability at a coupon rate of 3.319%.
The spread over US Treasury paper fell sharply to 407bp from the 470bp seen at the previous Turkish eurobond sale held in July.
The Turkish Treasury on November 7 successfully redeemed $1.5bn of 10-year eurobonds that were issued in September 2018 and paid a 7% coupon.
Tallying the redemption and sale on November 7, the Treasury has redeemed a total of $3bn and €1.25bn this year, while raising a total of $11.2bn in eurobond sales.
The next scheduled eurobond redemption is set for May 18, 2020. A repayment of €2bn for 10-year EUR-denominated papers is scheduled. Also in 2020, the Treasury will, on June 5, redeem $2bn in 15-year USD papers. On December 3, it will redeem JPY60mn in samurai bonds.
75​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com