Akbank leads Turkish banking charge
Akbank is this week the first Turkish bank to successfully tap the market for two year money since 2007. Its $810.5m deal, split into one year and two year tranches, is the first in a series of two year money deals for Turkish FIs with Isbank and Vakif in negotiations. Turkish banks were sheltered from the harshest effects of the global credit crisis and are popular credits, though they have been unable to borrow for longer than one year for the past three years. To find out more, read EuroWeek this Friday.
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