Akbank hits market with punchy 100bp all-in, adds two year
Emerging market lenders are facing a double whammy from Turkey this week, after Akbank launched a $1.2bn-equivalent refinancing deal split across one and two year tranches with punchy pricing at 100bp and 125bp all-in, respectively.
Since 2011, Turkish financial institutions have borrowed for one year to refinance loans for trade finance purposes.
"There will be some appetite for the two year," said a loans banker. "But this isnt a trend and wont be widespread among other banks unless the country gets universally upgraded
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