Turkey
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Bankers were predicting a return of senior Turkish financial supply after Isbank achieved nearly four times oversubscription for its market reopener on Wednesday.
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Isbank reopened the senior market for Turkish financials in style on Wednesday with an oversubscribed deal that was priced tight to the issuer’s existing curve. -
HSBC has promoted from within to head its wholesale banking business in Turkey.
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Isbank emerged on Wednesday with the first senior deal from a Turkish financial borrower since last April.
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A $400m loan for Turkish industrial holding company Borusan is very near completion. The deal is a rare Turkish corporate syndicated loan but many of the lenders are still domestic banks, according to one banker.
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Two Turkish banks have closed loan refinancing deals, both exhibiting a reduced demand from banks for dollar tranches, despite the financial institutions paying up an additional 10bp compared to euros.
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Akbank signed its $1.2bn-equivalent loan on Friday - one of its two major annual refinancings. But although Turkish banks are paying more for dollar debt at the moment, European banks still like to lend in euros.
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Tupras, the Turkish oil refinery company, has refinanced a one year loan, receiving a greater share of commitments in euros compared to the 2015 deal. But uncertain views of Turkish corporate borrowers means the pipeline visibility remains low, according to one banker on the deal.
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Akbank has received commitments for its first annual loan refinancing and will sign the deal on Friday.
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Family-run Turkish conglomerate Koc Holding printed $750m with a minimal new issue premium on Wednesday as corporate supply in CEEMEA ramped up.
