Turkey

Turkish lender Garanti Bank has raised a syndicated loan, as the country’s top-tier banks continue securing funding at competitive rates.

Turkey raised a dollar bond on Tuesday, pricing $2.25bn of 10 year funding flat to its curve, demonstrating that investors believe it is recovering after a period of financial peril.

Less than a week after Turkey made a long desired increase in interest rates hike, the sovereign has returned to the bond market for a last gasp bond deal before the market starts to run down for the year. The situation is giving market insiders confidence that Turkey is returning to orthodox policy making.

The Central Bank of the Republic of Turkey delivered a much anticipated interest rate hike on Thursday, fulfilling market watchers' hopes that the country will reform its way to economic recovery. A trip to the primary bond market for the sovereign could be imminent.

Turkey could be on track for one of the most remarkable emerging market recoveries of the year, after a shake-up of top officials signalled a return to orthodox monetary policy, inspiring confidence among investors. With the lira starting to recover from record lows, bond market insiders anticipate a new issue before the end of the year. Mariam Meskin reports.

İşbank, Turkey's largest private bank by assets, has raised a dual tranche syndicated loan, with margins that were priced "fairly" considering the country's credit risk and general market conditions, according to bankers.

A $204m-equivalent trade in Turkcell, the Turkish mobile telephone operator, reopened Turkish equity capital markets on Monday evening, taking advantage of a boost in the country’s currency following the resignation of its finance minister and dismissal of its central bank governor over the weekiend.

The shock departure this weekend of Turkey’s central bank governor and finance minister has sparked hopes among market watchers that a monetary policy overhaul could be on the cards, as the lira made a modest recovery on Monday. The news follows what has been a tumultuous period for the currency, which this month hit record lows.

The eventual result of Tuesday's US presidential election could have a monumental impact on the position of key emerging markets states like Russia and Turkey in the international arena.

Donald Trump and Joe Biden each present a different set of medium-term risk factors for emerging markets if they win next week’s US presidential elections. But the US Federal Reserve’s promise to keep rates lower for longer — combined with unprecedented monetary policy support from other developed market central banks — should provide a cushion that is more relevant to EM bonds than the Oval Office’s occupant. Mariam Meskin and Oliver West report.

The Turkish lira fell to record lows against the dollar this week as investors lamented the central bank’s failure to raise interest rates amid high inflation and expressed concerns over the country’s relationship with the US.

Ülker Bisküvi Sanayi scored an impressive $650m with a five year benchmark on Wednesday, surprising some investors with an unexpected increase to the size.