Turkey
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Turkish sovereign and bank bonds have crunched tighter as the ruling Justice and Development Party (AKP) regained its parliamentary majority. -
Turkish automaker Tofas has completed syndication of a €200m seven year loan that will finance research and development projects for two cars.
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Intercity, the Turkish car lessor, has signed what is thought to be the first ever Samurai loan for a Turkish company, for €40m. But Japanese investors will not come piling into the Turkish market, said one banker.
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Turkiye Garanti Bankasi is applying to the country’s capital markets board for authorisation to issue an international covered bond of up to €2bn, but the deal’s future likely hinges on the outcome of Turkey’s elections, said bankers close to the deal.
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Garanti has taken the first step to refinance its second loan of the year, with tranches of up to $1.5bn and €1.5bn.
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Istanbul Airport — Yapi Kredi — Ezdan
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Turkish mobile phone operator Turkcell sold its $500m 10 year bond at a yield of 5.95% on Wednesday, having responded to investor requests to limit size and in doing so securing a tight price for the issuer.
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Six Turkish banks will provide €4.5bn in Turkey’s second largest ever project finance loan, for Istanbul Atatürk Airport, although the deal will not be syndicated.
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Turkish mobile phone operator Turkcell has released price guidance for a 10 year dollar bond at 6.25% yield area, having waited a fortnight for the right opportunity to print its debut trade.
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Turkey’s Yapi Kredi Bank has named the 38 lenders in its latest $1.2bn-equivalent one year loan.
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Turkey’s Yapı Kredi Bank has signed a $1.2bn-equivalent one year loan, leaving only Garanti left to come in the refinancing cycle for large Turkish banks.
