Turkey

Turkish participation bank Albaraka Türk will sign its murabaha loan next week and increase the deal from the $400m launch size, according to bankers on the deal.

Yapi Kredi Leasing (YKL), the leasing arm of Turkey’s Yapi Kredi Bank, paid 2% over Libor for its latest $206m loan and will become a benchmark for the Turkish leasing sector, according to a banker close to the deal.

The leasing arm of Turkey’s Yapi Kredi Bank, Yapi Kredi Leasing (YKL), has signed its first loan in eight years for $106m, as its parent company kicks off a $1.2bn refinancing.

Participation from international lenders reached €544m in the latest loan for Turkey’s Türk Ekonomi Bankasi (TEB), a 15% increase from last year.

Türk Ekonomi Bankasi (TEB) has followed other Turkish banks on pricing for its $604-equivalent refinancing with a 367 day deal, but kept a 364 day tranche too.

The €200m loan for Turkish automaker Tofas is backed by the Italian export credit agency (SACE), a spokesperson for the firm told GlobalCapital.

South Africa is experiencing a difficult week in credit markets, with credit default swaps that reference its debt hitting their widest point for two years.

Akbank has signed its $1.2bn-equivalent loan refinancing oversubscribed and at least three other Turkish banks will follow suit on deal tenor and pricing, according to a banker on the deals.

Tofas, the Turkish automaker owned by Koc Holding and Fiat, has signed a €200m seven year loan that it had expected to close by the end of June.

Mehmet Kutman, the chairman of Global Liman, has reportedly been fined TL617,000 ($223,000) by the Turkish regulator for claims related to the cancellation of the Turkish cruise operator’s initial public offering.

Akbank will use only a 367 day tranche for its $1.3bn second refinancing of the year, with at least three other Turkish banks following suit on deal tenor and 75bp all-in pricing.

Ukraine’s sovereign debt restructuring, Argentinian primary elections and a potential Turkish coalition government are keeping debt bankers alert while the primary bond market takes its summer break.