Page 66 - TURKRptAug20

which pay a 5% coupon.
It also has $500mn worth of 10-year eurobonds due October 2025 (US00971YAF79), which pay a 5.125% coupon.
Moody’s Investors Service sees Akbank at B3/Negative, six notches below investment grade, while Fitch Ratings has it at B+/Negative, four notches below investment grade.
Earlier, in June, Belarus (Fitch/B/Stable, S&P/B/Stable, Moody’s/B3/Stable) placed $1.25bn of US dollar-denominated Eurobonds—a five-year tranche worth $500mn at 6.125% and a 10-year tranche amounting to $750mn at 6.375%.
On June 11, Croatia (Fitch/BBB-/Stable, Moody’s/Ba2/Positive, S&P/BBB-/Stable) issued an 11-year, €2bn eurobond with a coupon of 1.5% and a yield of 1.643%.
On June 10, Albania (S&P/B+/Stable, Moody’s/B1/Stable) issued a seven-year eurobond worth €650mn, with a coupon rate of 3.65%.
In April and May, almost all countries in Eastern Europe sold eurobonds. Those that didn’t are preparing for auctions.
On June 20, Bloomberg quoted unnamed people with knowledge of the matter as saying that Turkey Wealth Fund (TVF) was considering a eurobond issuance later this year of at least $2bn and would soon choose around
66​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com