Turkey

Turkish oil refiner Tupras has received approval from the Turkish Capital Markets Board to issue up to $1bn of external debt as the non-financial corporate pipeline builds in Turkey.

Pricing on Turkey’s major banks’ one year loan refinancings has dipped by 10bp as political turmoil in Turkey appears to have died down since president Recep Erdoğan won a referendum to consolidate power in April.

Three of Turkey’s smaller financial institutions — Yapi Kredi Finansal Kiralama, the leasing arm of Yapi Kredi, Alternatif Bank (Abank) and Şekerbank — have come to the loan market with higher pricing than their bigger bank counterparts.

Another one of Turkey’s smaller banks, Şekerbank, has signed a €77.5m loan with margins in line with its peers.

Vakifbank has launched its second round of refinancing with its pricing 10bp lower than its $967m facility in April, mirroring Akbank’s new loan margins.

Akbank has sold its first mortgage-backed covered bond. The deal, which will fund green projects, was privately placed with the European Investment Bank.

Türk Eximbank’s second entry into the syndicated loan market this year has been a success, with 23 banks signing for $640m on Tuesday — more than double the initial size when the deal was launched in June.

Pricing on Akbank’s one year loan refinancing dipped by 10bp as political turmoil in Turkey appears to have died down since president Recep Erdoğan won a referendum to consolidate power in April.

United Biscuits, the maker of McVitie’s biscuits and Jacob's crackers, is to sign a £725m syndicated loan facility in the coming weeks to refinance a loan taken out in 2015 to fund its acquisition by Turkey’s Yıldız Holding.

Turkey’s Coca-Cola İçecek (CCI) is set to offer investors a rare chance to buy Turkish corporate debt, and has announced its intention to raise up to $1bn from the bond markets within the next year.

Turkey’s smaller financial institutions – Yapi Kredi Finansal Kiralama, the leasing arm of Yapi Kredi, and Alternatif Bank (Abank) – have come to the loan market with higher pricing than their bigger bank counterparts.

Odeabank took advantage of limited supply in the emerging market space to price a well-received Eurobond debut on Monday.