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Bond Market News
Turkey Nears Bond Sale to ADQ; Dollar Bonds Trend Higher
November 27, 2023
Turkey’s dollar bonds have trended higher last week, up by over 2 points across the curve. The nation is nearing a debut bond sale to ADQ, an Abu Dhabi sovereign wealth fund, in an effort to boost investor sentiment. The government will likely offer 10Y bonds in tranches to ADQ, said Turkey’s Finance Minister Mehmet Simsek. Bloomberg notes that the investment would likely lead to the biggest flow of capital into Turkey’s economy from Middle East petrostates. They also note that such forex flows are important to Turkey’s balance of payments and also to stabilize the currency. Turkey’s central bank, the CBRT last week hiked its policy rates by 500bp to 40%.
Turkey’s 5.875% 2031s were up 2.9 points last week to 87.38, yielding 8.14%.
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