Turkey
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Global Ports Holding, the Turkish company that owns 15 ports in the Mediterranean and further afield, has priced its London IPO just above the bottom of the range, achieving a £465m market capitalisation. The shares are trading up about 1.75%.
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Turkey’s largest private sector bank, Türkiye İş Bankası, is due to sign a syndicated loan on Monday, which rounds up the last of Turkey’s larger financial institutions’ refinancings this spring, according to a banker on the deal. -
Turkey’s QNB Finansbank set final terms on a $750m five year bond on Thursday, leaning on the ownership of Aa3/A+/AA- rated Qatar National Bank to print inside where analysts saw fair value — despite some investors objecting.
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Turkey’s QNB Finansbank has released initial price thoughts for a five year dollar trade, as investors grappled with how to price in Aa3-rated Qatar National Bank's ownership of the Turkish borrower.
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Turkey's QNB Finansbank hit the road for a one day marketing exercise on Wednesday to sell a new senior dollar benchmark sized bond, for which leads are likely to open books on Thursday.
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The emerging market bond pipeline remained strong this week with Turkish lender Finansbank the latest CEEMEA name to join the fray, after the borrower announced a one day roadshow for Wednesday. Meanwhile, Latin American borrowers are beginning to encounter some investor push-back.
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Turkey’s Garanti Bank this week signed a $1.35bn loan from 38 banks, in what could be one of the last financial institution deals to come from the region in the spring funding round.
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Turkey’s bank loan refinancings are still in full swing, with Yapı Kredi having signed a deal for $1.36bn and Garanti Bankası mandating 19 banks.
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The Republic of Turkey has launched its largest 30 year bond since 2010, as investors shrugged off the recent constitutional referendum and dived in to catch the sharp rally in the country's spreads.
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An inaugural deal from second tier Turkish lender Fibabanka on Wednesday offered further proof that concerns over the country’s political direction have failed to dampen investor confidence in its banks.
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The Republic of Turkey is out with guidance for a new 30 year note, in a move that rival bankers have said is “perfectly timed". The sovereign is on track to complete all of its planned funding for the year in the first five months.
