The spread over US Treasury papers fell to 512bp from the 609bp seen at the previous auction held in October.
The latest eurobond sale was “a last gasp bond deal before the market starts to run down for the year”, Global Capital commented on November 24.
Also on November 24, Romania sold €1bn of 9-year papers at 1.46% and €1.5bn of 20-year papers at 2.65%.
Moody’s Investors Service rates Romania at Baa3/Negative while Fitch Ratings sees the country at BBB-/Negative and Standard and Poor’s assigns a BBB-/Negative. All ratings are one notch above investment grade.
Serbia, also on November, sold $1.2bn of 10-year papers at a 2.125% coupon.
Istanbul Municipality is also in the market, looking to sell $650mn of eurobonds.
On November 17, Global Capital reported that after the US Thanksgiving holiday on November 26, liquidity traditionally dries up like so much overcooked turkey.
Fitch Ratings rates Turkey at BB-/Negative, three notches below investment grade. Moody’s Rating Services rates Turkey at B2/Negative, five notches below investment grade, while Standard & Poor’s has Turkey at B+/Stable, four notches below investment grade.
Turkey's 5-year credit default swaps (CDS) were hovering in the 390s on November 25.
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