Junk-Rated Turkey, Nigeria Defy Market Chaos With Debt Sales

Turkey and Nigeria offered greenback-denominated debt on Thursday, with both showing a willingness to pay a juicy premium over similarly-dated outstanding notes. Turkey, which is rated B+ by S&P Global Ratings, launched $2 billion in bonds due 2027 for a yield of 8.625%. Meantime, B- rated Nigeria priced $1.25 billion in notes due 2029 at 8.375%, according to people familiar with the deal who asked not to be identified because they aren’t authorized to speak about it.