Turkey

Turkey's primary equity capital markets opened for the first time since 2018 on Wednesday as an undisclosed group of shareholders set out to sell 1.9% of Akbank.

Turkiye Sinai Kalkinma Bankasi (TSKB) has released price guidance on the first benchmark Turkish bank bond since March last year. Books had reached over $2.2bn by midday and the market has been told to expect a $400m deal.

Turkiye Sinai Kalkinma Bankasi (TSKB) is planning to print a five year senior unsecured dollar bond on Wednesday. A lead manager on the deal said that the size of the note is likely to be below benchmark because the bank has limited liquidity needs.

Turkish lender Yapi Kredi ventured into the green bond market for the first time on Friday with a rare dollar private placement, its first since January 2016, according to Dealogic data.

Turkiye Sinai Kalkinma Bankasi (TSKB) has mandated for a five year senior unsecured dollar bond as investors breathed a sigh of relief over the calming of tensions between the US and Iran.

Burak Kaya is joining MUFG Turkey to lead its corporate banking activity for non-Japanese firms.

Turkey’s position economically, and from a capital markets standpoint, is better at the end of 2019 than it was a year ago. However, that is not to say all is well with the country — far from it. Prospects for 2020 are, at best, mixed with growing concerns over central bank independence and high debt levels

Since the global financial crisis, central banks have accumulated powers over regulation and supervision of markets as well as over monetary policy. In 2019 politicians began to erode that with interventions that have raised questions over who should control markets. By Phil Thornton

Investors gave the Turkish central bank’s 200bp rate cut a sanguine reaction on Thursday, but fund managers also noted that sentiment towards the country could change at any moment.

Turkey's Garanti Bank has raised an $800.7m-equivalent loan refinancing, which was oversubscribed and welcomed new participants.

Emerging markets issuers are pumping out mandates, with the buy-side showing little sign yet of closing shop for the year, but investors are not throwing cash at everything.

Yapi Kredi Bank has secured a $950m-equivalent loan, following Akbank, which heralded in the Turkish bank refi season last month. Glass manufacturing company Trakya Cam Sanayii also signed a €200m syndicated loan this month, signalling confidence in the Turkish market, despite what has been a bumpy year in the country's capital markets.