Turkey

The heightened prices Turkey's banks are having to pay to refinance loans has attracted more banks to the latest syndication, a €100m deal for Isbank AG.

Turkey will meet investors in the UAE next week ahead of a potential return to the dollar sukuk market, leads announced on Thursday.

Akbank closed a loan syndication on Wednesday with eight more banks joining the deal, taking the number involved to 38 and the refinancing to more than $1bn.

Turkey’s Turkiye Sinai Kalkinma Bankasi (TSKB) printed the first ever Basel III compliant sustainable tier two on Tuesday.

Halkbank became the latest Turkish bank to throw its hat into the tier two ring on Wednesday, announcing plans for a three day roadshow in the US and UK.

While global equities appear to be tanking, emerging market bonds are once again on fire with inflows supporting propping up what seems a never ending bid, but as ever, idiosyncratic risks are playing a bum note on some deals.

Turkey’s Turkiye Sinai Kalkinma Bankasi (TSKB) made a second pioneering move into the sustainable bond market with the world’s first sustainable tier two bond on Tuesday, following on from a senior green bond last year.

Lenders flocked to join two Turkish bank refinancing deals this week, with a bump in pricing following political turmoil in the country.

Turkiye Sinai Kalkinma Bankasi (TSKB) has announced plans to roadshow an inaugural Basel III compliant tier two dollar deal, a week after Akbank’s successful debut in the format.

State owned Turk Eximbank attracted 22 banks to its €421m refinancing deal, according to a banker on the deal.

Akbank’s more generous pricing seems to have paid off with banks lining up to refinance its syndicated loan.

Akbank navigated a tricky market on Wednesday to print a $500m no-grow tier two and managed to charm a higher proportion of US investors than previously seen in any Turkish capital bond, according to a banker on the deal.