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