Turkey has launched a dollar bond, surprising market participants on the timing of the issue, amid a rise in global yields. Bloomberg sources note that the issue size would be $2bn with a 5Y maturity due 2027 at a yield of 8.625%, 25bp inside initial guidance of 8.875% area. The bonds are rated B2/B+. In February, Turkey raised $3bn in 5Y sukuk dollar bonds at a yield of 7.25%. The new bond issue is thus set to offer a new issue premium of 132.5bp over its 7.25% sukuk due 2027 issued last month, that currently yield 7.3%. The new bonds will offer a new issue premium of 72.5bp over its 6% bonds due March 2027 that yield 7.9% currently.

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