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TWF Eurobond issuance was completed with record-breaking demand

9 February 2024
Türkiye Wealth Fund (TWF) entered the international bond market on February 7, 2024, following a series of fixed income investor meetings commencing on 5 February 2024. The issuance, structured under Reg S for sale to non-US investors with a 5-year maturity, was priced at 8.375%.

The issuance garnered phenomenal investor participation immediately after opening at an initial price of 9.125%. With the record-breaking demand, the price was revised down to 8.375% after two consecutive tightening, which was 75 bps below the initially offered price. This marks the largest tightening ever experienced by any institution in Türkiye. Additionally, it represents the highest price drop in the CEEMA region since 2021.

Furthermore, despite a $500 million offering, orderbook exceeded $7 billion, resulting in oversubscription rate of over 14 times, the highest ever recorded in Türkiye. Moreover, this issuance achieved an unprecedented demand volume in Türkiye over the past decade, excluding Treasury transactions.

Redefining the boundaries of the market, the transaction also serves as a symbol of the confidence of international markets in the Turkish economy and economic policies.

BBVA, J.P. Morgan, and Standard Chartered acted as joint global coordinators, while BofA Securities, Emirates NBD Capital, ICBC, ING, QNB Capital, and Societe Generale participated as joint bookrunners in the 5-year USD-denominated Eurobond issuance.

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