Turkey
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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. -
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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After a three month hiatus, an attempted coup and a sovereign downgrade, Turkish credit is back in the market with three bank trades and two mandates this week alone. But while the sovereign printed a successful $1.5bn last Friday, investor fatigue is translating into lacklustre trades, even though premiums are up.
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Turkiye Vakiflar Bankasi (Vakifbank) added to the recent flood of Turkish supply on Thursday, emerging with initial price thoughts for a new five year dollar bond.
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Turk Eximbank became the third Turkish borrower to tap the dollar market in less than a week on Tuesday, raising $500m of seven year funding.
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The CEEMEA bond market exploded into life this week in what will be one of the busiest of the year. Saudi Arabia is leading the action with its much-anticipated bond but Turkey made an impressive comeback with four of its banks in the market following Friday’s sovereign trade. Further supply from Poland, Russia, the Middle East and Africa is adding plenty of diversity for investors.
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Primary bond markets were awash with Turkish bank deals on Tuesday as Turk Eximbank, Sekerbank and Kuveyt Turk added to Isbank’s Monday mandate. With books slow to build and Turkey recently losing its investment grade status, lead managers believe new issue premiums will need to offer a reason to invest.
