LONDON, Sept 26 - Ankara could tap international bond markets more than once before year-end, while a flurry of debt sales from Turkish firms will lift overall emerging markets high-yield issuance, said Stefan Weiler, head of CEEMEA debt capital markets at JPMorgan.
Turkey still has $2.5 billion earmarked in its budget for issuance this year - but could possibly go further than that, JPMorgan's Weiler told Reuters. "There is a clear normalising path of monetary policy and confidence is also being clawed back by the authorities through a number of market-friendly appointments this summer," Weiler said.
Markets are expecting Turkey to come to market within days, though some are pointing to a country ratings review by S&P Global Ratings scheduled for Friday. Fitch earlier in September upgraded Turkey's foreign currency outlook to"stable". The country's dollar-denominated bonds maturing in 2034 currently yield around 8.5%.
September is generally a busy month for emerging market issuers, though adding to the momentum was increasing risk appetite from investors, he said.