Page 44 - TURKRptDec20

Aug-19
Istanbul
€98
EBRD
7
3
Turkey ​sold​ $2.25bn 10-year eurobonds​ at 5.95% coupon. The spread over US Treasury papers fell to 512bp from the 609bp seen at the previous auction held in October.
The latest eurobond sale was “a last gasp bond deal before the market starts to run down for the year”, Global Capital commented on November 24.
After the US Thanksgiving holiday on November 26, liquidity traditionally dries up like so much overcooked turkey, Global Capital reported on November 17.
On November 20, Moody's ​assigned​ a provisional senior unsecured debt rating of (P)B2 to Istanbul Municipality's planned $650mn eurobond issuance. At least one default event (on bonds and/or loans) for Istanbul Municipality has been recorded since 1983.
On November 26, Fitch ​assigned​ the senior unsecured notes of an upcoming eurobond issuance from Istanbul​ Municipality an expected long-term rating of BB-(EXP).
44​ TURKEY Country Report​ December 2020 ​ ​www.intellinews.com