Turkey
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Unlike other Turkish banks which have either called or stuck with old bonds, Fibabanka tried an exchange -
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Turkey tightened pricing and achieved a book over $6.5bn
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Issuer cannot access the longer dated conventional bond market
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Not calling bonds can annoy investors but it does offer an opportunity
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Lending volumes and bond issuance from Turkey have plummeted this year
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Turkish bonds have rallied in the past month to the point where printing a new bond would be feasible
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Other borrowers may have limited time to take advantage
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Call dates approaching on tier two debt for three borrowers
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Turkey could print in euros or add an ESG element to try and attract investors
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Any new bonds in the near term would be jeopardised by an early election
