Ulker Biskuvi (ULKER), Turkey’s leading confectionery maker owned by
The ultimate decision on whether to move ahead with a bond issuance and the amount and terms of the issue will be determined based on market conditions after the investor meetings, it added.
Ulker is looking to sell 5-year or 7-year USD papers, unnamed bankers told Reuters on
On
Three days later, Fitch Ratings assigned a first-time rating of ‘BB-(EXP/Expected)-Negative’, three notches below investment grade to Ulker and its upcoming senior unsecured eurobonds. It was issued in parallel with Turkey’s sovereign rating and country ceiling. The assignment of final ratings will be contingent on the receipt of final documents conforming to information already received and the refinancing of a syndicated loan due in
In April, Ulker renewed a 3-year
Also on
Ulker’s sizable cash deposit held at the ultimate parent company,
S&P also noted that Ulker will use the proceedings from eurobonds to refinance its Turkish lira (TRY) 3.7bn worth of debt, 43% of the company’s total debt, due November this year.
In 2006, Ulker said in a stock exchange filing that it established a
However, the auction was not held and subsequently Ulker Finance appeared to have been liquidated.
In 2018, Yildiz struck a deal for Turkey’s largest ever debt restructuring, covering
Turkey’s two eurobond deals this year—both of them sovereign—compare with as many as 18 in a normal year, Mustafa Bagriacik of
'More of a cost concern'
“Corporate issuances are more of a cost concern rather than a matter of accessibility. We have a strong pipeline for the upcoming period,” Bagriacik added.
JP was among the bookrunners for the Turkish Treasury’s latest
On
Asked for yields over the sovereign from investors were higher than Turkish officials expected, a person familiar with the matter told
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