Turkey

Turkey's Odeabank revised guidance to 7.75% area for its Basel III-compliant 10 year non-call five tier two bonds on Monday, as investors got to grips with a new credit, and anticipated return of compatriot and peer, Halkbank.

After selling a green mortgage-backed covered bond to the International Financial Corporation and the European Bank for Reconstruction and Development (EBRD), Garanti Bank expects to sell its first publicly syndicated euro benchmark.

After selling $150m of green residential mortgage-backed covered bonds to the International Financial Corporation, Garanti Bank expects to sell another deal to the European Bank for Reconstruction and Development.

Three more Turkish banks have come to the market to refinance loans from 2016, marking the second wave of refi deals to come out of the region this year.

Turkey’s Odeabank will meet investors from Wednesday ahead of a possible sale of tier two notes. If the deal goes ahead, it would be the second such deal from a second tier Turkish bank this year, after Fibabanka's debut in May.

The Turkish bank refinancing season ramped up once again this week after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday with 22 banks a day after Turkiye Sinai Kalkinma Bankasi (TSKB) signed a $297m refi with 18 banks.

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.

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.

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.

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.

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.