Turkey
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Turkey’s Akbank has refinanced a syndicated loan with tighter margins than its existing facility, as lenders demonstrate unwavering appetite for Turkish debt. -
Turkey has joined the list of emerging market countries experimenting with quantitative easing programmes in the wake of the Covid-19 crisis engulfing conventional funding markets.
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HSBC has promoted two bankers internally to head up its capital markets business in the Middle East, North Africa and Turkey.
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The recent fall in the price of oil is having a knock-on effect on non-core currency issuance. While oil dependent markets could take a hit as their currencies weaken, some net importers could benefit from a stronger currency and safe haven flows.
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Nabil Lahham has joined HSBC to head up advisory and corporate finance coverage for the Middle East, North Africa and Turkey. He was most recently at Perella Weinberg Partners.
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The Republic of Turkey made its much anticipated start to the year with a bang on Thursday, taking advantage of feverish risk appetite among emerging markets investors to sell its largest ever bond, a $4bn dual tranche deal.
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Investors warmly welcomed a TL2.6bn ($440m) block trade in Turkish bank Yapi Kredi on Wednesday night. But market participants are yet to be convinced that the country’s equity capital markets are fully reopened.
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Stephen Moss and Nuno Matos have been given new roles of responsibility for Europe at HSBC, ahead of expected restructuring of the group in that region, particularly in global banking and markets (GBM).
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Vakifbank printed its $750m 5.25% 2025s on Wednesday from a book that reached higher than $4.3bn at its peak, but the note was seen below re-offer in London’s secondary market on Thursday morning.
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Turkey's Vakifbank has released initial price guidance for a dollar benchmark, with the intention of printing the deal later on Wednesday.
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