FIRST COMMERCIAL PAPER ISSUED IN TURKEY
A Turkish-West German joint venture,
Turk Henkel A.S., Issued the first commercial paper in Turkey
through private Yapi ve Kredi Bankasi A.S., Bank officials
said.
    "A total of 500 mln lira of commercial paper of Turk Henkel
A.S. Is on sale today," Osman Erk, deputy general-manager of
Yapi ve Kredi Bankasi told Reuters.
    He said the 90-day paper of the chemicals company has an
annualised yield of 46.64 pct. Turkey passed legislation last
year allowing commercial paper.
    Erk said the capital and other requirements for issuing
commercial paper is too high for some Turkish companies to
meet.
    "The state Capital Markets Board has also limited the yield
with 46.64 pct, which is slightly higher than that of the
90-day government paper," Erk said.
 REUTER
