Turkey has sold a €2 billion ($2.4 billion) eurobond at the lowest spread for 15 years, indicating investors’ increasing confidence in the country.
The eight-year bond received €6.5 billion in orders, the state-run Anadolu news agency reported, quoting a finance ministry statement.
The coupon for the bond, which matures in March 2034, is 5.15 percent. This represents the lowest spread versus the dollar yield for a Turkish eurobond in the past 15 years.
About 56 percent of the bond was allocated to UK investors. Other European countries accounted for 24 percent, followed by the US (9 percent), the Middle East (6 percent) and Turkey (4 percent).
Turkey is expected to raise $5.9 billion from global capital markets in 2026, including this bond, according to Anadolu.
Last month Fitch Ratings raised Turkey’s outlook to positive while maintaining its long-term credit rating at BB-, short of investment grade.
Moody’s maintained its Ba3 score, three rungs below investment grade, giving Turkey a stable outlook.
The Turkish central bank cut its key lending rate by 1 percentage point to 37 percent in January, a smaller reduction than expected. The central bank stressed the need to maintain anti-inflationary measures.


