Turkey

Turk Eximbank has signed a €544m loan, above its launch amount of €300m, to refinance debt and support its business backing exporters.

Turkiye Is Bankasi (Isbank) recently signaled its intention to issue, while HSBC Canada has registered a covered bond corporate entity.

Turkcell İletişim Hizmetleri, the largest mobile operator in Turkey, has mandated three banks to arrange a 10 year dollar bond.

Akbank has signed a $1.2bn loan to refinance a loan from last year and achieved tighter pricing than on the previous facility.

Turkish participation banks Albaraka Türk and Vakif Katilim have kicked off the global syndication of two murabaha facilities.

Russian gold miner Nordgold and coal company Siberian Coal Energy Co (suek) signed syndicated loans in the week leading up to Vladimir Putin’s victory in the Russian general elections.

Yapi Kredi printed its $500m five year senior bond on Monday with a new issue premium of 20bp-25bp — a hefty but necessary concession, vindicated by the deal trading around re-offer on Tuesday.

Yapi Kredi shrugged off last Friday’s downgrade by Moody’s and was well on its way to selling a new five year senior bond on Monday morning, having started around 40bp back of fair value, according to a lead manager.

Vakifbank has privately placed its third Turkish lira denominated covered bond to international investment banks. The deals, which provided competitive long-term funding and came in response to onerous swaps market regulation, are likely to be mimicked by Turkey’s other main lenders.

Turkcell, Turkey’s leading mobile phone operator, is preparing the ground for issuing a new Eurobond, and has applied to the country’s capital markets board for approval.

Garanti Bank and Vakifbank have joined the spring round of loan refinancings by Turkish banks.

Yapi Kredi has privately placed Turkish mortgage backed covered bonds to the European Bank for Reconstruction and Development (EBRD) and Clean Technology Fund (CTF) to promote energy saving improvements in the financial sector.