New Issue: Turkey €1.25 billion 12.25-year global bonds yield mid-swaps plus 168 bps

By Reshmi Basu

New York, Jan. 24 - The Republic of Turkey sold €1.25 billion of 12.25-year global bonds (Ba3/BB-/BB-) at 99.106 to yield mid-swaps plus 168 basis points in a drive-by Thursday, according to a market source.

The deal came inside of price guidance, which was set in the area of 170 bps more than mid-swaps.

Credit Suisse, Lehman Brothers and UBS were lead managers for the transaction.

Issuer:	Republic of Turkey
Amount:	€1.25 billion
Issue:	Global bonds
Maturity:	April 2, 2019
Coupon:	5 7/8%
Issue price:	99.106
Yield:	5.977%
Spread:	Mid-swaps plus 168 basis points
Pricing date:	Jan. 24
Settlement date:	Feb. 2
Lead managers:	Credit Suisse, Lehman Brothers, UBS
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
	Fitch: BB-
Price guidance:	Mid-swaps plus 170 bps area

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