Market News
Turkey to Issue 10-Year Dollar Bonds in Maturity Switch Plan - BLOOMBERG
(Bloomberg) -- Turkey has mandated banks for the issuance of a 10-year dollar-denominated bond, which will be switched for existing shorter-term notes to ease immediate repayment pressures.
Turkey hired Bank of America Corp, Banco Bilbao Vizcaya Argentaria SA, Citigroup Inc. and JPMorgan Chase & Co. for the issuance of the new bonds as part of its external borrowing program, the Treasury and Finance Ministry said in a statement on Tuesday.
The country’s outstanding dollar-denominated bonds maturing between 2024 and 2026 will be switched with the new bonds or bought back in cash, according to the statement.
Bloomberg reported in March that the Treasury was considering a buyback of short-term dollar bonds and switching them with longer maturities.
Turkey Said to Have Discussed Buyback of Near-Term USD Bonds
The liability management operation will take place on Sept 25, the Treasury said. Initial results of the transaction will be announced on Sept. 26 and the process will be completed by Oct. 1, with final results to be announced on Oct. 3.
Turkey has borrowed around $7 billion from international bond markets this year, against a target of $10 billion.
