Turkey

The Islamic arm of Turkey's Ziraat Bank has signed a $236m one year Murabaha syndicated loan with 13 banks, according to a banker on the deal.

Mavi Jeans, the Turkish maker of designer jeans, has published the prospectus for what could be the largest Istanbul IPO for four years, according to Dealogic.

Turkish legislation has been in place for years and six borrowers have set up covered bond programmes, but so far supply has proved fleeting. Nevertheless, delegates at the CEE Covered Bond Forum in London heard this week that the challenges that held the market back are likely to disappear soon.

Malaysia Airports Holdings is looking to revise covenants on a €500m loan from 2015 taken for the acquisition of Istanbul Sabiha Gökçen (ISG) International Airport.

On Wednesday night, the vibrant trading in the equity blocks market continued with several large deals from Turkey and the UK.

Vakifbank took advantage of seemingly insatiable demand for Turkish bank paper to raise $500m of five year senior funding on Tuesday.

Vakifbank has opened books on a drive-by five year senior trade as Turkish financial supply trickles into the primary market.

Garanti Bank on Tuesday raised $750m with the tightest priced Turkish tier two on record which was testament to the level of comfort investors now have with the product, according to bankers leading the transaction who conceded that the global credit rally had also helped.

Emerging markets bond bankers can think of nothing to derail the ongoing bull-run and while this might point to hubris, this week’s trades have given no indication of fatigue.

Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.

Turkey’s largest private sector bank, Turkiye Is Bankasi (Isbank), signed a $1.3bn syndicated loan on Monday, bringing the first round of Turkish bank loan refinancings this year to an end.

Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.