Turkey

Albaraka Turk, Turkey’s first participation, or Islamic, bank, kicked off the syndication of a $100m murabaha facility on Tuesday.

The dry spell is over for investors in emerging market debt with several mandates hitting the screens on Tuesday. The first trades will be eagerly watched as a barometer for new issue premiums after a summer that has seen escalating geopolitical tensions and further questions about the direction of travel of both the European Central Bank and the US Federal Reserve.

United Biscuits, the maker of McVitie’s biscuits and Jacob's Crackers, signed a £725m syndicated loan on Thursday with 21 banks.

South African lenders, Investec and Standard Bank’s loans are due to sign this week, along with United Biscuits' acquisition loan, which is expected to close tomorrow.

Kuwait’s Burgan Bank’s Turkish branch, Burgan Bank AS, signed a dual tranche facility of around $205m from 14 banks, at slightly higher pricing than its top tier compatriots.

Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year with the same number of banks as its facility in March but with new Asian lenders on board and tighter pricing.

Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year in its second round of refinancing, proving the credit is still an attractive prospect for the market.

HSBC has restructured its global banking Middle East, North Africa and Turkey arm under Matthew Wallace, head of global banking MENAT, according to an internal memo seen by GlobalCapital.

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.