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Turkey Launches Tender Offer on Its Dollar Bonds and Announces New Notes
September 25, 2024
Turkey has launched a tender offer on its existing dollar bonds maturing between 2024 and 2026. Meanwhile it also announced issuance of new notes which are expected to launch and price today. The minimum tender order must be at least $1mn of notional. The following notes are included in the tender offer:
- 5.6% 2024s with an amount outstanding of $2.5bn at $1,004.5 per $1,000 of principal (CMP at 100.34)
- 7.375% 2025s with an amount outstanding of $3.25bn at $1,015 per $1,000 of principal (CMP at 101.52)
- 4.25% 2025s with an amount outstanding of $2bn at $1,001.5 per $1,000 of principal (CMP at 100.26)
- 6.375% 2025s with an amount outstanding of $2.5bn at $1,021.5 per $1,000 of principal (CMP at 102.29)
- 4.75% 2026s with an amount outstanding of $1.75bn at $1,004 per $1,000 of principal (CMP at 100.62)
- 4.25% 2026s with an amount outstanding of $1.5bn at $995.5 per $1,000 of principal (CMP at 99.38)
Turkey has launched two options under the tender offer. Preferred Tenders referring to tenders orders submitted along with submission of interest indication for the New Notes for at least the same principal amount as tendered. Non-Preferred Tenders referring to any tender order that is not a Preferred Tender. The Tender offer will commence today at 8:00am London time and will expire on the same day at 1:30pm for Preferred Tenders and 2:30pm for Non-Preferred Tenders. The settlement of the Tender Offer will occur on October 1, 2024.
Turkey’s bonds traded stable with its 8% 2034s at 110.8, yielding 6.44%.
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