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Türkiye Wealth Fund (TWF) has raised $1 billion in a new eurobond issuance, attracting nearly $10 billion in investor demand, the fund announced Friday.
The transaction, conducted under Regulation S rules that allow sales to non-U.S. investors without SEC registration, offered two maturities of 5.5 and 10 years.
The issuance follows TWF’s debut in international markets last year and included a 10-year tranche, making the fund the second institution in Türkiye after the Treasury to issue such long-dated debt in the past eight years.
According to the fund's statement, initial price guidance was set at 7.625% for the 5.5-year tranche and 8.375% for the 10-year tranche. Strong demand allowed TWF to tighten spreads by 62.5 basis points on both tranches, with the final yields standing at 7% for the shorter maturity and 7.75% for the 10-year tranche.
Pricing was completed with record-tight spreads over U.S. Treasury bonds—50 basis points for the 5.5-year notes and 62.5 basis points for the 10-year notes. The bonds will be listed on the Global Exchange Market (GEM) of Euronext Dublin, it noted.
According to the fund, more than 250 investors took part in the deal, including leading global asset managers, pension funds, and insurance companies. The order book showed balanced participation across geographies, with long-term institutional investors well represented, it added.
The issuance was coordinated by BBVA, Citi, Emirates NBD, and ING as global coordinators and joint bookrunners, with additional support from major international banks including JP Morgan, Bank of America, Societe Generale, and Standard Chartered.
The fund said the successful placement reflected confidence in Türkiye’s stability and macroeconomic framework. It stressed that the deal reinforced TWF’s role as a benchmark issuer, contributing to the deepening of Türkiye’s sovereign yield curve in international markets.
Following previous eurobond and sukuk (Islamic bond) sales in 2024, TWF emphasized that it has strengthened its profile as a trusted issuer while broadening access to long-term financing.
Founded in 2016, Türkiye Wealth Fund (TVF) serves as the country’s sovereign wealth fund, managing strategic assets including major companies such as Turk Telekom, Turkcell, and Turkish Airlines.
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