The Republic of Turkey, with $6 billion or so to raise in the international bond markets in 2007 – by far the largest amount of any sovereign in the emerging Europe, Middle East and Africa region – could clearly have done with a good start to its funding programme.
In recent years, the borrower has done exactly that. In January 2006, for example, it launched a well-received $1.5 billion 2036 bond via Citigroup and Deutsche Bank – its longest-ever dollar bond at the time – attracting $6 billion of orders.
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