Turkey
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The Republic of Turkey has returned for a bond in euros after the $2bn note it sold earlier this month rocketed in value. -
Emerging market investors are enjoying an excellent start to the year in the secondary market, but primary supply has not maintained its strong start to the year. Bankers and investors are confident that issuers will get moving soon though.
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Backed by a resilient and toughened banking system, Turkish debt could be one of the most rewarding investments in loan and bond format alike. As the country recovers from the currency crisis of August 2018, it is high time for those still standing on the platform to board the Turkish train.
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Turkey’s export-import bank (Turk Eximbank) raised $500m with a five year bond on Wednesday, becoming the first Turkish borrower, apart from the sovereign itself, to access the market since the lira crisis. The deal benefitted from a relief rally following a Turkish central bank meeting on Wednesday.
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Turkey’s export import bank raised $500m on Wednesday, returning to the bond market for the first time since the Turkish currency crisis in 2018, benefiting from a relief rally following the Turkish central bank meeting on Wednesday.
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The Turkish Central Bank kept interest rates unchanged at its meeting on Wednesday – a great relief to investors who feared the country might make another monetary policy misstep.
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Turk Eximbank has released initial price guidance for a $500m five year senior unsecured bond.
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No emerging markets issuer has yet hit screens this week to capitalise on the exceptional momentum of last week’s market.
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Confidence is sweeping through the CEEMEA bond market as huge volumes for some of 2018’s most maligned issuers have pushed volumes up to record breaking levels for the first fortnight of a year. But despite the strong start, some bankers are concerned that the difficulties of last year are a whisker away from making a comeback. Francesca Young, Lewis McLellan and Sam Kerr report.
