Sins of 2018 Forgiven as Saudi Arabia, Turkey Sell Dollar Bonds - Bloomberg:
Saudi Arabia and Turkey persuaded global investors to overlook last year’s unsavory headlines as they sought to sell new U.S. dollar-denominated bonds. The secret: juicier yields.
The kingdom kicked off the new year by selling $7.5 billion in dollar debt, while Turkey is offering as much as $2 billion of notes. Both governments offered a premium to their current 10-year yields, a welcome sign for money managers.
The two nations, whose missteps contributed to the first annual loss for emerging-market dollar bonds since 2013, joined the Philippines, which borrowed $1.5 billion this week. That ended a three-month lull in new sales amid growing optimism about a slower path of Federal Reserve tightening and an end to the U.S.-China trade war.
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