The treasury launched its first external commercial borrowing of 1996 on 19 January with a DM 500 million ($338 million) five-year Eurobond issue. A group of 20 institutions led by Conunerzbank are marketing the facility, expected to be signed in February. The bonds carry annual interest of 7.5 per cent.
This compares with 8 per cent for the treasury's last three-year, DM Eurobond issue in July.
Turkey faces a total external debt servicing bill of around $10,500 million11,000 million in 1996, roughly the same as in the previous year. The treasury's own fresh commercial borrowing requirement in 1996 will be around $2,500 million.
The treasury is also seeking to award a mandate for a five-year, Samurai bond issue, officials say. The amount will be around Y50,000 million ($476 million).
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.