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Turkey Hires Banks for First Bonds in Euros Since 2010

Nov. 5 (Bloomberg) -- Turkey hired Barclays Plc, Credit Suisse Group AG and Deutsche Bank AG to arrange the sale of the first sovereign euro-denominated bond in more than three years.

The planned securities will mature in 2021, the Ankara-based Treasury said in a statement. The benchmark-size bonds will be priced in the area of 4.625 percent, said one person familiar with the plans, who asked not to be identified because the details are private. The country last sold euro-denominated debt in April 2010, when it raised 2 billion euros ($2.7 billion) in 10-year securities.

“East European investors demand euro-denominated assets,” Neslihan Yilmaz, a trader at Maxis Securities in London, wrote in e-mailed comments. “It’s possible that Turkey wanted to tap that market if you consider that there has not been a euro debt sale for a long time.”

Turkey is rated Baa3 at Moody’s Investors Service, the lowest investment grade. The government raised $1.25 billion from a dollar-denominated Islamic bond sale on Oct. 3.

To contact the reporters on this story: Leo Laikola in London at llaikola@bloomberg.net; Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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