Back from the brink

摘要

Turkey is back on investors' radar screens -just two months after staring into the abyss of a full-scale financial meltdown. Last week, the sovereign confirmed that investors have reengaged by selling its first US dollar bond since April. In many ways, the deal was a success. At US$2bn, it was the same size as the country's previous outing in April, while the US$6bn book was solid enough to enable pricing to be cut by 25bp, leaving a premium of no more than 15bp.