Turkey Locks In $2.25 Billion in Bond Sale Amid EM Optimism

Turkey has once again tapped international debt markets with a new dollar-denominated bond, taking advantage of stronger sentiment toward emerging markets and a cooling of political tensions at home.

The Treasury and Finance Ministry on Monday sold $2.25 billion of 11-year dollar bonds at 6.8% yield, slightly lower than the 7.15% initial yield the bonds were being marketed at. The yield is also in line with Turkey’s existing curve, reflecting continued investor appetite after a court last week dismissed a case against opposition leader Ozgur Ozel. Last month, the Treasury sold 2 billion dollars of 10-year dollar bonds at a 7% yield.