Strong demand drives $2 billion 10-year bond issuance

ANKARA

The Treasury and Finance Ministry has completed a 10-year U.S. dollar-denominated bond issuance, raising $2 billion.

The transaction, launched on Sept. 9, was arranged through BBVA, Deutsche Bank, Goldman Sachs and J.P. Morgan.

The bond carries a coupon rate of 6.950 percent and offers investors a yield of 7 percent.

Investor demand was strong, with the order book exceeding three times the issue size and attracting nearly 200 accounts, the ministry said.

In terms of geographical distribution, 40 percent of the allocation went to the United Kingdom, 35 percent to the United States, 13 percent to other European countries, 11 percent to the Middle East and 1 percent to other regions.

The strong investor interest in the latest 10-year bond transaction reflects continued confidence in Türkiye’s ability to access global capital markets.

With this latest issuance, the Treasury has raised a total of $10.75 billion from international capital markets in 2025.

Last week, the Türkiye Wealth Fund (TWF) completed a new $1 billion Eurobond issuance with record-breaking investor demand.

The transaction, targeting investors outside the United States, was offered in two tranches with maturities of 5.5 years and 10 years, the fund said.

Following its successful debut issuance last year, TWF launched a new Eurobond offering with the addition of a 10-year tranche, attracting record investor demand of nearly $10 billion.

At closing, the final yields were set at 7 percent for the 5.5-year tranche and 7.75 percent for the 10-year tranche.

With this issuance, TWF became the first Turkish institution in the past eight years, excluding the Turkish Treasury, to issue a 10-year Eurobond.