Turkey
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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.
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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.
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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
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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.
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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,
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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.
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Hopes of primary issuance from CEEMEA receded again on Thursday as regional borrowers were caught up in the global market turmoil.
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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.
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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.
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Kuveyt Turk has released initial price thoughts for the third Basel III compliant tier two bond to come out of Turkey.
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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.
