Turkey

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.

The recent new issues from Turk Eximbank and Kuveyt Turk are both trading well, leading to hopes that further bonds from the country may follow.

Kuveyt Turk, an Islamic Turkish bank, survived a rough market on Monday to print a $350m Basel III compliant tier two sukuk. Even the leads were surprised by how well the deal went, although their own orders and the high yield on offer helped.

Kuveyt Turk has released initial price thoughts for the third Basel III compliant tier two bond to come out of Turkey.

Türk Eximbank issued a $500m five year bond on Monday, commanding a $1.09bn book and bringing hope to syndicate officials that more deals from the country may follow.

Turk Eximbank (Turkiye Ihracat Kredi Bankasi) has released initial price thoughts for the first Turkish bond of the year at 425bp area over mid-swaps.

The Turkish loan market is open for business in 2016 as Turk Eximbank and Akbank launch loan refinancings.

Turkish commercial bank Akbank has launched the first of its two annual loan refinancings, leading the way for other Turkish banks to follow.

Many loans bankers focused on Central and Eastern Europe have pinned their hopes on Turkey as a source for deal flow this year, as Russia remains thwarted, but it will not bring the hidden treasures bankers expect.

Turkey's banking regulator has increased the pressure on the country's banks to print new style subordinated bonds.

Turk Telekom has secured a $150m equivalent 10 year loan from two banks and the Canadian export credit agency (EDC), after loans to the telecommunications sector stalled in 2015.