The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Turkey: Strong start to 2008 allays funding fears

The Republic of Turkey, emerging Europe’s most prolific issuer in the international debt markets, made a strong start to 2008 with the reopening of its 2018 6.75% dollar Eurobond for $1 billion.

Gunter Deuber, RZB

"The positive response to Turkey’s debut transaction clearly showed that there is demand for liquid sovereign Eurobonds from emerging market issuers"
Gunter Deuber, RZB

The transaction, now $2.3 billion, was one of several well-received emerging market sovereign Eurobonds to come to market at the start of the year, with Colombia, Indonesia and Mexico also looking to hit the ground running in January. With primary Eurobond markets effectively closed at the end of 2007, Turkey’s tap of a benchmark issue marked an upbeat start to the year for a country that is expected to raise at least $5.5 billion in the course of 2008. Because of volatile market conditions in 2007, Turkey fell $900 million short of its fundraising goal for the year.

However, given strong cash positions and the limited response so far of emerging market spreads to signs of a sharper-than-expected slowdown in the US economy, Turkey managed to attract $2 billion-worth of demand through the reopening, which was lead managed by JPMorgan and Merrill Lynch. Demand from 80 accounts was split 50/50 between domestic and overseas buyers.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree