Turkey shrewdly took advantage of the spillover demand from Riyadh’s bond sale this week.
Investors may well be underpricing the economic risks.
- Marcus Ashworth
There are opportunistic financing deals, and then there’s Turkey.
A $2 billion 10-year bond sale appeared out of nowhere for the country on Wednesday, with no roadshow and…
But there was one big helping hand.
Saudi Arabia had just launched $7.5 billion of new 10- and 30-year notes and had elected for tighter pricing rather than raising a larger sum.
This left a window for Turkey to present themselves to bond funds who were already looking at the…