Turkey

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Equity syndicates expect a robust IPO pipeline to power strong issuance in the first half of this year, which could set 2018 up to surpass what was a good 2017.

Is Financal Kiralama (Is Leasing), Isbank’s leasing arm, is expected to sign a $75m loan which it has mandated Bank ABC to arrange.

Ak Finansal Kiralama (Aklease), Akbank’s leasing subsidiary, has signed a $110m syndicated loan to fund renewable energy projects.

Turkey’s Fibabanka has signed a $167m loan, bringing its refinancings for the year to an end.

SMBC Nikko has hired a new head of emerging markets credit trading as it looks to build out its fixed income offering.

Finansbank’s $780m loan is being provided by 33 banks, led by Mizuho.

The Republic of Turkey is planning to use yen to round off its funding for the year, and has named three leads to arrange the deal.

Turkish banks Garanti and Finansbank have signed their last refinancing loans of the year, for $1.36bn and $780.05m, respectively.

The dollar tranche of Ülker’s second loan of the year has been priced 20bp tighter than on its first loan of 2017, suggesting the market is swinging in Turkish borrowers’ favour as political noise in the country quietens down.

Shares in Migros Ticaret, one of the biggest supermarket chains in Turkey, fell 8.5% on Wednesday after BC Partners sold a 7.3% stake in the company in a block trade on Thursday night. The shares fell another 3.5% on Thursday.

Ülker has signed a $450m loan with 15 banks. It is the second time this year the Turkish biscuit maker has come to the market, with both loans oversubscribed despite political instability in its home country.