Turkey
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Turkey’s Yapi ve Kredi Bankasi has put its second refinancing loan of the year in motion with banks expected to respond by Wednesday. -
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If there was any doubt that EM investors have plenty of cash to put to work, Turkey’s Coca-Cola Icecek (CCI) laid it to rest this week with a $500m deal that tightened 40bp from price talk and then rallied 20bp in the secondary market.
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Turk Eximbank issued the first bond from a Turkish bank since June on Monday, in a deal with a slim new issue premium that set a strong tone for future issuance as books hit $2.1bn.
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Coca-Cola Icecek is refreshing the buyside with the first Turkish corporate trade for 18 months. However, while the deal was “flying out of the door” according to one syndicate banker, the 25bp-30bp pick up over the Turkish sovereign is not quite enough to quench the thirst of some.
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Turk Eximbank has opened books on a new five year senior note with price talk at a wider level than its seven year bond, leading one buy-side analyst to remark that initial price thoughts in EM are “irrelevant.”
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Türk Ekonomi Bankası (TEB) signed a $623m syndicated loan on Thursday, according to a banker on the deal.
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Turkey ignored softness in the market to double the size of its 30 year dollar bonds on Wednesday, after reopening its May 2047s for a further $1.75bn.
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US prosecutors have widened the net in their case against Turkey’s Halkbank after bringing new charges against the country’s former economy minister and the bank's former general manager for breaking Iranian sanctions, sending Halkbank assets lower but not hitting the rest of the country’s banking sector.
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United Biscuits’ £725m ($948.23m) loan is being split into two term loans and a revolving credit facility with pricing linked to the company’s leverage, according to a banker on the deal.
