Debt capital markets: Turkish corporates delight in Eurobond access

Lucy Fitzgeorge-Parker
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Koc, Arcelik tap dollar buyers; more deals in the pipeline.

A pair of debut Eurobond issues from top Turkish corporates in less than a month has prompted bankers to predict that greater corporate Eurobond issuance from the country is here to stay. White-goods producer Arcelik sold an inaugural $500 million 10-year bond at the end of March. Arcelik’s parent company, Koc Holding – Turkey’s largest conglomerate and a market leader from car manufacturing to banking – then made its global market debut with a $750 million seven-year note in mid-April. The deals took the total raised by Turkish corporates in the Eurobond market to $2.74 billion in the past seven months, according to Dealogic. Last month’s deals followed transactions in the autumn from Turkish beverages company Anadolu Efes and oil refiner Tupras (see Deals of...