Turkey

Emerging markets bankers say Turkish banks, in their new enthusiasm for MTNs, have taken their devotion to an alternative market a little too far. But the Turkish issuers are only using this market exactly as they were sold it.

Emerging markets bankers say Turkish banks, in their new enthusiasm for MTNs, have taken their devotion to an alternative market a little too far. But the Turkish issuers are only using this market exactly as they were sold it.

Turkish Airlines will complete the tender for a $3bn loan by November or December, a spokesperson for the company has told GlobalCapital.

Fitch has upgraded the rating of Turkiye Garanti Bankasi (Garanti) after BBVA took a controlling stake in the bank. The rating action is likely to bode well from a credit perspective for the issuer’s forthcoming covered bond.

Moody's assigned a provisional A3 rating to the euro-denominated mortgage covered bonds to be issued by Türkiye Vakiflar Bankasi (VakifBank) on Friday.

Fitch has upgraded the rating of Turkiye Garanti Bankasi (Garanti) after BBVA took a controlling stake in the bank. The rating action is likely to bode well from a credit perspective for the issuer’s forthcoming covered bond.

Turkish banks have become reliant on short term MTN funding, using access to that market as a reason to refuse to print benchmarks after their spreads have drifted wider this year.

Turkish banks have become reliant on short term MTN funding, using access to that market as a reason to refuse to print benchmarks after their spreads have drifted wider this year.

CEEMEA supply is stumbling, with the week’s tally at one deal priced and one deal pulled. But Latin American offers hope of more fresh paper, with Mexican, Brazilian and Caribbean corporates all readying deals.

One of the two largest project finance loans in the Turkish pipeline has already been financed entirely by local banks, but there could be international lenders in a forthcoming motorway project.

The deadline for banks to submit proposals for Turkish Airlines’ loan is the end of this week, according to a banker on the deal.

One loans director recalls receiving an unexpected Turkish bath at a loan signing ceremony.