Akbank and Vakif get Turkey rolling
Hopes that price tightening in Turkey’s financial institution sector would soon abate seem far-fetched after Akbank and Vakifbank’s blowout deals. Vakif, looking to refinance $525m of debt, will sign a $945m loan on Wednesday. And Akbank, which is replacing a $615m line, will sign at $1.225bn on Thursday. The high demand came despite many bankers complaining about the deals’ all-in 150bp spreads.