Yapi and Isbank get refis as pricing heads down again

Yapi Kredi and Isbank completed the summer round of Turkish bank refinancings this week by signing respective one year loans of $985m and $780m. Each met with strong demand, despite all-in pricing of 225bp, a level 25bp tighter than virtually all other recent Turkish bank deals and one which caused some bankers to complain that the market was repricing too rapidly.