Turkey has hired banks to sell a new long-term US dollar bond and buy back debt due in the next couple of years, as Ankara seeks to reduce the scale of a looming wave of repayments and to court international investors.
The country appointed banks to sell a new benchmark 10-year dollar bond, Turkey’s finance ministry said on Tuesday.
It will also launch its first so-called switch tender transaction, which will allow investors to sell back short-dated debt and swap their holdings to the new bond. Switch deals are relatively rare, but countries including Ukraine and Greece have utilised them in the past.
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