Middle East
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Akbank has signed its $1.2bn-equivalent loan refinancing oversubscribed and at least three other Turkish banks will follow suit on deal tenor and pricing, according to a banker on the deals. -
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Tofas, the Turkish automaker owned by Koc Holding and Fiat, has signed a €200m seven year loan that it had expected to close by the end of June.
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An Emirati financial has mandated banks for a tier one dollar transaction, adding to the Middle East post-summer pipeline.
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Abu Dhabi National Energy Company (Taqa) signed its $3.1bn refinancing oversubscribed and with a tighter margin on Wednesday, but its first half earnings showed a 35% decline in Ebitda.
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Mehmet Kutman, the chairman of Global Liman, has reportedly been fined TL617,000 ($223,000) by the Turkish regulator for claims related to the cancellation of the Turkish cruise operator’s initial public offering.
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Abu Dhabi National Energy Company (Taqa) has completed syndication of its $3bn loan refinancing and is expected to sign the deal very soon, according to bankers involved.
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Akbank will use only a 367 day tranche for its $1.3bn second refinancing of the year, with at least three other Turkish banks following suit on deal tenor and 75bp all-in pricing.
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Ukraine’s sovereign debt restructuring, Argentinian primary elections and a potential Turkish coalition government are keeping debt bankers alert while the primary bond market takes its summer break.
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At least three Turkish banks have set up covered bond programmes and could theoretically be ready to issue their first benchmarks this autumn. However, even if the political outlook improves, the cost of funding in dollars using established senior unsecured programmes may be difficult to beat.
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Emerging markets bankers say Turkish banks, in their new enthusiasm for MTNs, have taken their devotion to an alternative market a little too far. But the Turkish issuers are only using this market exactly as they were sold it.
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Emerging markets bankers say Turkish banks, in their new enthusiasm for MTNs, have taken their devotion to an alternative market a little too far. But the Turkish issuers are only using this market exactly as they were sold it.
