Turkey

The Islamic subsidiary of Turkey’s Ziraat Bank has launched a bitesize $75m murabaha deal, as the bank itself refinances $1bn of loans.

Family run Turkish conglomerate Koc Holding printed $750m with a minimal new issue premium on Wednesday as corporate supply in CEEMEA ramped up.

Emerging market investors have plenty of opportunity to pick up corporate debt this week with Mexican oil and gas giant Petroleos Mexicanos (Pemex) returning to euros and Koc Holding in dollars.

Kuwait Projects Company (Kipco) was on track to print 2016's first corporate bond from CEEMEA on Tuesday as Turkish conglomerate Koc Holdings also said it would issue a seven year bond.

Vakifbank has launched its first annual loan refinancing of 2016, following Turkish peers Akbank and Ziraat bank to the market.

Two Turkish bond deals this week were seen as a welcome treat for investors starved of recent supply from the country, and more is still in the pipeline.

Even rival bankers are lavishing praise on the $1.5bn long 10 year bond Turkey sold on Wednesday, which drew a $4.47bn book and needed only a 10bp-15bp new issue premium to print.

Turkey has released a tight range of price guidance for its long 10 year dollar bond. The deal is expected to be priced later on Wednesday. Meanwhile compatriot corporate credit, Koc Holding is hitting the road

With two rare loans for Turkish corporates in the market — a $400m loan for Borusan Holdings and a $50m facility for clothing company DeFacto — bankers are hoping that deal flow from the country will pick up, helping to fill the void left by sanctioned Russian borrowers.

In this year’s round of Turkish bank loan refinancings, dollar commitments will receive a higher margin than those in euros, in a rare move to encourage more lending in the currency,

The syndicate for Akbank’s bellwether one year loan refinancing could change as geopolitical and liquidity concerns affect banks’ appetite for the tightly priced Turkish loan.

Hopes of primary issuance from CEEMEA receded again on Thursday as regional borrowers were caught up in the global market turmoil.