February 16, 2017 / 4:55 PM / a year ago

Turkey launches US$1.25n tap of its March 2027 bonds at 5.65%

LONDON, Feb 16 (IFR) - Turkey has launched a US$1.25bn tap of its March 2027 bonds at a yield of 5.65%, according to a lead.

The size is bigger than the US$1bn the leads had told the market to expect in their initial announcement on Thursday.

The tap takes the overall size of the notes to US$3.25bn.

Official guidance was 5.75% area, which compared with initial price thoughts of 5.85% area.

The notes, which carry a 6% coupon, were originally priced on January 18 for US$2bn at 6.15%.

BNP Paribas, JP Morgan and MUFG are lead managers on the tap, which is today’s business.

Turkey is rated Ba1 by Moody’s and BBB- by Fitch.

Reporting by Sudip Roy; Editing by Philip Wright

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