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Turkey Sells $2bn of International Bonds

Turkey has returned to the international borrowing market with the sale of a $2bn dollar-denominated bond, just days after Ankara sought to end a bitter row with Washington following the release of a detained US pastor.

The country, which has been looking to shore up its external funding position amid a punishing currency crisis, said it received $6bn in bids from 250 accounts in its sale of five-year debt. Investors in the US were the biggest buyers of the paper, accounting for 60 per cent, followed by the UK at almost a quarter. Turkish investors scooped up 5 per cent.