Turkey

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.

Anadolu Efes, the Turkish brewer, returned to the market this week to issue a new bond and launch a tender for its dollar debt. Investors say it is one of the more attractive credits from the country, despite domestic economic volatility.

More emerging market issuers will issue convertible bonds following landmark deals in Turkey and the United Arab Emirates in recent weeks. The asset class is seen as a way for EM companies to raise capital while avoiding rising interest rates and to showcase the increasing sophistication of their home exchanges. Aidan Gregory reports.

ING Turkey, a subsidiary of the Dutch banking group, has signed an ESG-linked syndicated loan, making it the latest Turkish lender to embrace labelled debt, a trend that bankers insist is motivated by a commitment to sustainability and not simply an attempt to lower pricing.

Burcu Korkut, an experienced EMEA emerging markets fixed income salesperson, is leaving Credit Suisse for a leading role at Barclays.

Polyester producer Sasa has placed the first convertible bond by a Turkish listed issuer, raising €200m, as the asset class continues to grow in popularity.

Anadolu Efes Biracılık ve Malt Sanayii, the Turkish brewer, is seeking to issue a new dollar bond as it tenders for existing debt in the currency, just days after the Turkish sovereign reappeared in the debt capital markets.

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The Republic of Turkey demonstrated its access to international markets this week with a four times oversubscribed sukuk. But the deal does not represent an access-all-areas pass to the capital markets for the borrower, following a turbulent period that has seen little change to appease investors, writes Mariam Meskin.

Turkey's Akbank launched a dollar sustainable bond on Tuesday, just months after it raised its first ESG-linked syndicated loan.

Turkey launched a June 2026 dollar sukuk on Tuesday, which some market participants believe is set to come "cheap" as the sovereign looks to extend its curve in the asset class.