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ISTANBUL - The Republic of Turkey announced Tuesday it is offering benchmark 10-year fixed-rate senior unsecured notes denominated in U.S. dollars, according to a stabilization notice.
JP Morgan Securities PLC will serve as the stabilization coordinator, with BBVA, Deutsche Bank, and Goldman Sachs International acting as stabilization managers. The stabilization period is expected to begin on September 9, 2025, and end by October 9, 2025.
The bonds will be listed on the Luxembourg Stock Exchange’s Regulated Market with a minimum denomination of $200,000 and increments of $1,000 thereafter.
As part of the offering, stabilization managers may over-allot securities not exceeding 5% of the aggregate nominal amount. This mechanism allows them to support the market price at levels higher than might otherwise prevail, though stabilization is not guaranteed and may cease at any time.
The securities have not been registered under the U.S. Securities Act of 1933 and are not being offered to U.S. investors. The offering is directed at qualified investors in European Economic Area member states and experienced or high-net-worth individuals in the United Kingdom.
The announcement, based on a press release statement, did not disclose the total issuance amount beyond describing it as a "USD Benchmark" offering, nor did it reveal the offer price, which was listed as "to be confirmed."
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