Turkish integrated steelmaker OYAK Mining and Metallurgy Group’s subsidiary Erdemir has announced that it has received orders worth over $2 billion from more than 130 international cooperate funds for its $750 million Eurobond issuance, which is the first time in the company’s history that will be traded in Europe and the US. For the Eurobond issuance in question, the yield of the five-year bond is 8.625 percent, while the coupon rate is 8.375 percent. It is reported that the bonds are traded at Euronext Dublin, the Irish stock exchange.
“Our bond issuance is the highest amount of issuance among Turkish companies that have made their first issuance this year. Furthermore, this is the first steel company issuance in central and eastern Europe, the Middle East and the Africa region since 2021,” Süleyman Savaş Erdem, general manager at OYAK and chairman of the board at Erdemir, said.