Turkey
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Turk Telekom subsidiary Avea has signed a €90m nine year loan backed by Finnish export credit agency Finnvera, after Avea's ultimate parent company Otas failed to make a repayment on a $4.75bn loan in September. -
The Republic of Turkey plans to raise $6bn in the international markets next year using a combination of SEC registered dollar bonds, as well as other instruments, according to debt bankers.
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Investor support for Turkey has proved remarkably resilient this year. A coup attempt and ensuing state of emergency, and two downgrades to junk, did little to shake support, but Turkey’s luck is running out as the attention turns to deteriorating economic indicators from the region.
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Turkish bonds sold off some 30bp on Friday after President Recep Erdogan’s crackdown on the country’s pro-Kurdish opposition escalated with two high profile arrests. The widening is likely to halt Turkish bond issuance for this year, according to an EM DCM banker focused on the region.
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Citi has promoted its Turkey CEO into a broader role of EMEA head of non-presence countries.
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After a run of lacklustre Turkish bank trades, Kuveyt Turk printed on Tuesday a $500m sukuk that was nearly four times subscribed. But the success was not universal to this week's Turkish bank issuance as Sekerbank failed to haul its tier two bond over the line.
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Turkish retail group Boyner has arranged $170m of loans from local and foreign banks. Most of the deal was supplied by international lenders, despite the country having being downgraded to junk this year.
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Two more Turkish banks opened order books on dollar trades on Tuesday, following Isbank, Vakifbank and Turk Eximbank last week. Sekerbank and Kuyeyt Turk are out with a Basel III tier two and a sukuk respectively.
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Moody’s has assigned a provisional Baa1 rating to the mortgage backed covered bonds of Yapi ve Kredi Bankasi and the issuer has published its base prospectus, suggesting it could soon be ready to issue.
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