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Morning Commentary: Turk Telekom notes edge higher after pricing tight to talk
By Rebecca Melvin
New York, Feb. 22 – Turkey’s Turk Telekomunikasyon AS’ newly priced 6 7/8% notes traded slightly higher than their issue price on Friday after the Ankara, Turkey-based telecom company priced $500 million of the six-year notes at 99.396 to yield 7%, or a yield spread of mid-swaps plus 440.4 basis points.
The new Turk Telekom notes were quoted at 99.75 bid, 100.25 offered.
The notes priced tighter than guidance for a 7 1/8% to 7¼% yield and initial price talk in the 7 3/8% yield area.
Order books at the time of guidance were in excess of $2 billion.
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