Turkey

Albaraka Turk Katilim Bankasi (Albaraka Turk) priced Turkey’s first Basel III compliant tier two sukuk deal in line with guidance on Monday.

Trafigura — Gategroup — Marel — Turk Telecom — Garanti — Schuldscheine —

Turkey’s Garanti Bank will sign its second loan refinancing of the year in London on Friday, according to a lead banker.

Albaraka Turk Katilim Bankasi (Albaraka Turk) priced Turkey’s first Basel III compliant tier two sukuk deal in line with guidance on Monday.

Turkey shot down a Russian warplane on Tuesday morning near its border with Syria. The response to the attack in the bond market has been muted.

Turk Telekom has agreed an $826m-equivalent loan with banks to refinance debt and provide working capital.

Albaraka Turk Katilim Bankasi (Albaraka Turk) opened the pricing for an innovative tier two sukuk deal on Monday morning with initial thoughts of 10.5% area.

Finansbank has picked banks for a senior dollar benchmark that would be the first in the format from a Turkish bank since April.

In this round-up, new RMB mini metals contracts coming on HKEx, Singapore Exchange and EBS to launch CNH block futures, Turkey renewed its RMB swap line, and Morgan Stanley said one of its funds will start trading via the Shanghai-Hong Kong Stock Connect link.

Albaraka Turk Katılım Bankası (Albaraka Türk), has mandated seven banks to arrange a Basel III compliant Reg S tier two subordinated sukuk — only the second from Turkey and the first in sukuk format.

Turkish sovereign and bank bonds initially rallied 20bp-30bp on Monday on the Justice and Development (AKP) party’s election victory in Turkey, but investors should remember that this is short term relief, not a long term fix.

Turkish sovereign and bank bonds crunched tighter this week as the ruling Justice and Development Party (AKP) regained its parliamentary majority, but the rally lost its steam on Thursday as the market looked further forward to at least another four years under President Recep Tayyip Erdogan.