Turkey

Competition is becoming much fiercer in the Turkish banking sector. After years of rampant loan growth in many markets, banks will have to fight much harder to find new customers and bigger margins in the future.

A last minute order saw Yapi Kredi Bankasi relaunch a new senior deal at an increased size on Tuesday. The Turkish bank offered a 10bp new issue premium, according to lead bankers.

Yapi Kredi Bankasi opened books on a seven year note on Tuesday morning, offering a 20bp premium at initial price thoughts.

Turk Eximbank, which sent out invitations for a €300m ($337m) equivalent loan in early June, has extended the deadline for responses, according to a source.

Turkey’s Halkbank signed a $705m-equivalent annual loan refinancing on Monday morning after issuing a benchmark bond last week to strong demand.

Turkey's state-owned Halkbank on Thursday printed the first CEEMEA bond since the UK's Brexit vote threw EM into a brief bout of chaos last week and in defiance of terror attacks in Istanbul.

Rating: Baa3/—/BBB-

In Turkey a series of explosions at Istanbul’s Atatürk international airport on Tuesday left at least 41 people dead and many more injured. But the market response has been muted.

Turkiye Sinai Kalkinma Bankasi (TSKB) signed its annual 367 day loan refinancing on Tuesday, raising slightly more euros and slightly fewer dollars than last year.

ING Bank Turkey has signed a 367 day loan facility with a group of 26 lenders, joining Turk Eximbank and TSKB in issuing loans.

Emerging market bond bankers are already looking beyond Brexit as super-tight spreads in central and eastern Europe, caused by a Remain-led rally, make issuance levels look attractive.

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.