Turkey

Buttressed by vibrant domestic demand and supported by weak global commodity prices, Turkey’s economy continues to post solid growth. In this interview, treasury undersecretary Cavit Dagdas explains how Turkey’s medium term programme (MTP) will underpin continued growth.

The Republic of Turkey has set roadshow dates for an outing in the sukuk market, edging closer to finishing off its $4.5bn external funding requirement for this year.

Moody’s has talked up the positive credit aspects of Turkish covered bonds in an in-depth report which it published on Thursday. However the agency says Turkish covered bonds remain susceptible to tail event risks such as the political environment — a point which locals dispute.

Turkiye IS Bankasi’s consent solicitation — aimed at converting its disqualified tier two bond into a Basel III compliant instrument — has angered some investors, who feel Isbank is offering too little. But the bank is right to strong-arm investors who were aware of the risks they were taking when they bought the deal.

Turkiye IS Bankasi is offering investors in its disqualified tier two bond 50bp to agree to add Basel III compliant features to the documentation.

The first publicly sold green bond from the CEEMEA region received such a strong reception this week that other borrowers may now take a closer look at the product, despite the EM pipeline for this kind of deal being bare. Francesca Young reports.

United Arab Bank — Isbank — LSL Property — Nokian

Turkiye Sinai Kalkinma Bankasi (TSKB) has tightened price guidance for the first ever green bond from CEEMEA and demand seems strong enough that it could even be printed inside the development bank’s senior conventional curve.

Turkey’s İşbank increased the size of the dollar tranche in its first annual loan refinancing, for $1.4bn equivalent.

Turkiye Sinai Kalkinma Bankasi (TSKB) is preparing to open up a new market in Turkey by issuing the country’s first ever green bond against a volatile political backdrop.

Turkey’s Garanti Bank has increased the amount of dollar commitments in its latest loan refinancing, while Yapi Kredi saw the proportion of dollars fall.

The Islamic subsidiary of Turkey’s Ziraat Bank has signed its first murabaha loan, increasing the deal from $75m to $155m. Meanwhile, Sharjah Islamic Bank secured a $265m loan.