Wells Fargo Securities

Turkish banks' first annual refinancing round continues, with ING Turkey seeking to close a loan as early as Wednesday, while Alternatif Bank is also lining up.

Turkey’s first bank refinancing wave of 2015 has moved nearer to completion, with Isbank having closed a $1.37bn-equivalent loan and ING Turkey in the wings.

ING Turkey looks set to be the next bank in Turkey’s wave of refinancings to complete a loan, with bankers saying the deal could close this week.

Yapı Kredi Bank has signed a $1.4bn loan with a syndicate of 48 banks. The loan has tranches with maturities of 367 days and 364 days.

TH Real Estate, the UK investment manager, has signed a £400m loan with new and relationship banks for its commercial property fund, UK Retail Warehouse Fund.

Vakifbank’s $1bn equivalent loan — the latest of a wave of Turkish refinancings — has demonstrated that the country’s long love affair with the 364 day loan is over, say bankers.

Vakifbank has mandated Wells Fargo to lead a consortium of international banks for a 367 day loan, in a break from other Turkish banks' recent offerings of 364 day and 367 day tranches.

Wells Fargo launched its first sterling bond issue in over two years on Wednesday, showing the appeal of euro funding to US banks has faded since January.

LondonMetric, a UK real estate investment trust, has signed a £400m credit facility with five banks, refinancing five facilities.

Wells Fargo has finally received approval to use the “advanced approaches” to calculating its capital requirements, which will make its capital ratio look worse in the short term. But the move will bring the world’s largest bank by market cap into line with most other internationally active banks.

Esterline Technologies Corp on Monday announced it would offer €330m of senior unsecured bonds, the fifth high yield issue in euros from a US company in March.

Korea’s Woori Bank (WB) is due to sign a $500m multi tranche financing this week. The self arranged club loan is paying banks razor thin margins.