Turkey
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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.
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Yapi Kredi hit screens on Wednesday with a new seven year note and will be hoping to capitalise on more positive economic indicators from Turkey, while offering some juice to overcome any investor fatigue around buying Turkish bank debt, according to a buy-side analyst.
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Turkey took €2.5bn of orders for its new euro trade on Wednesday, which bankers said was a strong showing despite the fact that market volatility and Turkey’s involvement in the Qatar crisis meant that the issuer did not print at the tight end of guidance.
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Turkey has returned to the market with a euro trade as it looks to re-engage with investors and refresh its “stale” curve.
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Tensions in the GCC are rattling the buyside as both bank and non-bank investors wait for clarity over how the rift between Qatar and other regional states will develop. In the broader CEEMEA debt market, investors are eyeing Turkey’s new euro trade as an opportunity to find some juice in the low yield environment, and anticipating the dual tranche offering from Côte d’Ivoire on Thursday.
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Republic of Turkey has turned to euros for its second trade since its constitutional referendum on April 16, as Yapi Kredi markets a lira denominated Eurobond.
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Garanti Bank is expected to issue the first green mortgage-backed Turkish covered bond, which will be privately placed with the International Financial Corporation (IFC) and certified by a third party.
