Turkey
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A sustained revival of confidence in Turkish markets has caused the lira and other metrics to improve in recent days. That, market participants said, has strengthened the country's standing in international debt markets to the point where it could consider a long dated new issue, though concerns around rising US rates are simmering away in the background. -
Top tier Turkish lender Akbank will launch a syndicated loan refinancing within weeks, according to sources. The borrower is likely to get tighter margins than for its last loan offering in October 2020.
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Türkiye Cumhuriyeti Ziraat Bankası is in the market with its first ever sustainability bond — a five year dollar benchmark.
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Emerging markets issuers across CEEMEA and Latin America once again triumphed in primary bond markets this week, with several sovereigns and corporates notching record low costs of funding. But there are signs that the direction of US rates is playing on investors’ minds, write Mariam Meskin and Oliver West.
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Turkey raised approximately a third of its total financing requirements for the year on Tuesday in a single bond issue. Though the deal included a new issue premium, market participants were impressed with the borrower's execution.
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Turkey and Bahrain took to primary markets to raise bond funding on Tuesday. But the appearance of two high yield credits has not driven unqualified enthusiasm for all borrowers in that asset class.
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Junk-rated emerging market sovereigns Benin and Oman sold bonds this week, with market participants saying their new issue premiums were minimal. However, bankers think total activity across CEEMEA over the last two weeks has been “underwhelming”.
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Turkish bank Yapi Kredi launched a tier two dollar bond on Thursday, with demand strong enough for bookrunners to attempt to squeeze pricing. But this is an unorthodox start to the year for Turkish bonds with the traditional curtain raiser from the sovereign nowhere to be seen.
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Turkey’s Yapi Kredi, Russia’s Credit Bank of Moscow and Banque Ouest Africaine de Banque Ouest Africaine de Développement have all approached investors this week to sound out interest in hard currency bonds.
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The Industrial Development Bank of Turkey, Turkiye Sinai Kalkinma Bankasi (TSKB), has launched its debut sustainable bond, the latest in a string of Turkish bank issuers that have forayed into the ESG financing market over the last year.
