Turkey raises $2.25bn in first bond deal since February quake

Turkey has raised $2.25 billion in its first international bond deal since earthquakes killed thousands and devastated parts of the country last month.

The country sold dollar-denominated debt maturing in 2029 at a 9.5 percent yield, according to a person familiar with the matter.

Turkey Tens of billions of dollars will be needed to rebuild homes, commercial buildings, hospitals, schools and infrastructure in the aftermath of the February 6 earthquake, engineers and international organizations say.

Economists expect Turkey to partially finance the recovery through debt market fundraising and bilateral deals with international partners.

Turkey has maintained access to international funding despite deep concerns about President Recep Tayyip Erdogan’s economic management.

Inflation topped 85 percent last year as the central bank cut interest rates, unlike most other countries that raised them higher.

The debt deal concluded on Thursday was first reported by Bloomberg. Deutsche Bank, HSBC and JPMorgan were hired on Wednesday to manage the fundraiser.

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