1/6/2010

Turkey sells USD 2 billion of 30-year bonds in overseas markets

 

Bloomberg - Turkey has sold USD 2 billion of 30-year bonds, its longest-dated international debt since February 2008, to take advantage of borrowing costs near the lowest on record.

 

The country issued the bonds to yield 6.85 percent, according to Bloomberg data. HSBC Holdings Plc, JPMorgan Chase & Co. and UBS AG managed the offering, said the Treasury in Ankara in an e-mailed statement.

 

Yields on Turkish bonds saw the highest drop since 2004 last week after Turkey’s Prime Minister Recep Tayyip Erdogan told top officials from his party that the government is close to signing a two-year loan accord with the International Monetary Fund. The country’s credit rating was lifted two levels to BB+ last month by Fitch Ratings, which cited the economy’s “resilience” during the global crisis.

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