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July 5, 2019 www.intellinews.com I Page 24
bne:Credit Turkey sells $2.25bn
5-year eurobonds at 6.45%
Slovenia’s Mercator completes refinancing transaction for €80mn super-senior facility
Turkey’s Ministry of Treasury and Finance has sold $2.25bn worth of US dollar-denominated eurobonds due 2024 at a coupon rate of 6.35% and a yield to investor of 6.45%, the ministry said on July 3.
The total amount of the US dollar bond issuance was converted into an equivalent euro liability. As a result of this swap transaction, the euro denominated coupon rate was realised as 3.803%.
The spread over the US Treasury papers rose to 470bp from the 454bp seen in the previous eurobonds sale held in March.
With this transaction, the amount of funds that has been raised from the international capital markets by the Turkish Treasury in 2019 has reached a total of approximately $8.7bn.
Slovenia's largest retailer Mercator said on July 2 that the refinanc- ing transaction for the €80mn super-senior facility with VTB Bank Europe has been completed.
The super-senior facility arrangement with VTB Bank Europe, part of Russian financial group VTB, was signed in late May.
Signing of the refinancing contract "ensures the foundations for completion of financial consolidation, and especially the funds for a new development cycle that will be based on the investment into the new logistics centre in Ljubljana," Mercator said in a bourse filing.
Mercator said that after the completion of a successful first stage of the group's comprehensive restructuring it is successfully executing further key steps towards the attainment of all strategic goals.
Belarus may avoid placing a Eurobond in 2020 if Russia releases an inter-governmental loan of $630mn that has been snarled up in politics, the Belarusian Finance Minister Maxim Yermolovich said on July 2.
"We'll probably adjust our plans [if we get the Russian loan] regard- ing tapping the debt market next year as we had been planning a possible Eurobond," Interfax quoted Yermolovich as saying last week. "If we get this $630mn there'll be no need to borrow on the market."
If Minsk obtains the Russian loan it will use it to repay obligations in 2020-2021. "That is the loan would be an additional source not for the current year but a debt policy source for the longer term," Yermolovich said.
Belarus’ decision on Eurobond placement in 2020 depends on Russian loans