Turkey
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Turkish bank refinancing season ramped up once again after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday — a day after Turkiye Sinai Kalkinma Bankasi signed a $297m refi. -
Turkey’s first privately owned development and investment bank Turkiye Sinai Kalkinma Bankasi (TSKB) has refinanced a loan which matured last Wednesday with a $297m facility from a syndicate of 18 banks.
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Turk Eximbank, which wrapped up a €412m refinancing in March, has turned its attention to the Asian loan market for a fresh money €300m borrowing.
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Isbank raised $500m with the 10th deal from a Turkish financial this year with a tidy though somewhat lacklustre trade. While EM bankers suggested it was evidence of some Turkish bank fatigue among investors, the leads said the trade was symptomatic of the weaker market backdrop.
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Isbank opened books on Thursday for the 10th deal from a Turkish financial this year, offering a higher than usual new issue premium in the process to account for softer market conditions. While the deal is expected to be well absorbed, for some on the buyside, the risks of an Isbank tier two are too much.
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GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, has signed a $250m loan that was oversubscribed by 19 banks, according to a banker on the deal.
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Turkey’s Isbank has hired banks to arrange an 11 year non-call six Basel III compliant tier two trade, continuing a spate of riskier debt issuance from Turkey’s banks this year.
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Shares in Mavi Jeans, the Turkish maker of designer denim wear, closed 3.5% higher following its stock market debut on Thursday, after the company priced its TL744.4m ($211m) IPO at the bottom of its price range on Monday.
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VIP Turkey Enerji, a subsidiary of oil and commodity company Vitol, has signed a $700m syndicated loan with 14 banks to finance the acquisition of Petrol Ofisi, Turkey’s largest oil distribution company.
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Yapi Kredi raised $500m with a seven year senior bond on Wednesday, bringing the total of Turkish bank issuance so far this year to $5.3bn.
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EM investors have had plenty to play for this week with a boost to Turkish GDP buoying support for Yapi Kredi, and more Russian supply. Qatar remains one to watch however, though the country’s fundamentals have not changed.
