Turkey

Sovereign reaffirms market access despite credit concerns

Turkey has hit the market with a pair of bonds, defying concerns around inflation and a weakening currency

Kuveyt Turk Bank is seeking to enter the sukuk market, which has attracted a number of borrowers in recent months

Jeffrey El Khoury joins the US bank from SocGen to replace James Sadler

The funding, part of AIIB’s Covid-19 Crisis Recovery Facility, will boost the Turkish lender's support for small and medium enterprises hit by the pandemic

Turkish bank's repo follows ESG-linked bond and loan

Turkish renewable energy company Aydem Yenilenebilir Enerji launched its debut bond on Monday, a green dollar offering.

Aydem Yenilenebilir Enerji, a Turkish renewable energy generation company, is seeking to sell a green bond in its debut international debt offering. It joins a string of Turkish corporates that have stepped into sustainable finance in the past few months to tap into a diverse investor base.

Turkey was, yet again, at the fore of market participants’ minds on Tuesday. As inflation spikes, the country has indicated its intention to encourage more borrowing following a debt issuance spree in June.

Rating: B2/—/BB-

Turkey, Cameroon and Latvia all entered international bond markets on Wednesday. Investors said the sovereigns are rushing to secure funding while conditions are still positive, amid the anticipation of rate rises.

Several FIG issuers across CEEMEA entered bond markets to raise cash this week. Meanwhile, the pipeline for bank issuance is strong as issuers take advantage of attractive market conditions to bolster reserves.