September 5, 2014 / 12:15 AM / 3 years ago

Turkey to launch 10-year Samurai bond

Sept 5 (IFR) - Turkey is marketing its first Japanese bond since 2012 as it looks to take advantage of attractive funding costs in the yen market.

The country, rated Baa3 by Moody‘s, BB+ by Standard & Poor’s and BBB- by Fitch, is offering the 10-year fixed-rate bond at a spread in the high 20s to 30bp area over yen offer-side swaps.

Around 90% of the debt will be guaranteed by Japan Bank for International Cooperation under a scheme designed to attract emerging-market issuers to the local Japanese market.

Turkey’s last Samurai came in March 2012, when it sold a JPY90bn (USD858m) offering at 40bp over offer-side swaps. JBIC guaranteed that bond as well.

Daiwa Securities, Mitsubishi UFJ Morgan Stanley and SMBC Nikko are joint bookrunners. (Reporting By Frances Yoon. Editing By Steve Garton.)

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