Turkey raises $3.5bn in record international bond sale

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Financial Times 21h ago

Turkey raises $3.5bn in record international bond sale - Financial Times

Quick Summary:

The “big new [bond sale] is . . .a demonstration of investor faith” in the new economic turnaround programme, said Paul McNamara, an investment director at GAM Investments.

The country sold a 10-year dollar bond at a yield of 6.75 per cent, Turkey’s finance ministry said on Thursday.

The central bank’s foreign currency reserves have also been replenished since the programme began following Erdoğan’s re-election in May 2023, while the three major credit rating agencies have upgraded Turkey’s ratings.