Vakif, Garanti ramp up private placements as benchmarks stay quiet

Two Turkish banks have been printing private placements as the country’s benchmark spreads have struggled to bounce back while civil unrest continues in the republic. Turkish Vakifbank has printed four private placements in the last fortnight via Citi, while Garanti Bank printed a $7.8m one year zero coupon note via Royal Bank of Scotland at a discount on Tuesday.