Turkey

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.

Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

The Republic of Turkey is preparing to issue its first Panda bond by the end of the year, having mandated three banks to handle the deal.

Ziraat Bank launched a $1bn loan to refinance a facility signed in April last year, with pricing in line with Turkish peer Akbank’s new loan.

A Turkish military strike in Syria on Tuesday hit investor appetite for Akbank’s subordinated tier two offering, with the raid causing several accounts not to come into the book at all, according to a lead manager.