Turkey

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.

At least three Turkish banks have set up covered bond programmes and could theoretically be ready to issue their first benchmarks this autumn. However, even if the political outlook improves, the cost of funding in dollars using established senior unsecured programmes may be difficult to beat.