Turkey

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.

Turkey has re-entered the debt capital markets with the intention of selling a Sharia-compliant bond, a sukuk. The proposed deal, which some say could come at a premium, was announced just days after Saudi Aramco achieved an enormous order book on its debut sukuk.

Turkey’s credit metrics took another hit this week after contradictory statements on interest rates from president Recep Tayyip Erdoğan and central bank governor Şahap Kavcıoğlu. Market participants said the environment for foreign investors is rocky, and any new sovereign Eurobond would have to offer a "big premium".

Yapi Kredi Bank and Garanti Bank this week became the latest Turkish banks to refinance syndicated loans, in the process raising ESG-linked facilities. The trend towards ESG-linked financing is not driven by the desire to cut costs, which for many has been only symbolic, but by a desire to help boost borrowers’ credentials and to make life easier for international lenders.

Arçelik, the Turkish household appliance manufacturer that owns Beko and Grundig, is set to make its mark in the green bond market. The deal, some say, will be a test of investor appetite for Turkish corporate paper, which so far has been strong, despite the heightened volatility affecting the country in the first four months of the year.

Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.