Turkey
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One investor said that despite Turkey's economic problems the latest issue looks attractive -
Some lenders have cut back Turkish lending but banks do have less of a need for foreign currency
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One Turkish bank expects a third of lenders to drop out of loans this autumn
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Expected rollover rates in the latest Turkish bank loan refinancings suggest lenders are reducing their exposure
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The size of the Turkish lender’s new loan is much reduced from previous deals
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Unlike other Turkish banks which have either called or stuck with old bonds, Fibabanka tried an exchange
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Turkey tightened pricing and achieved a book over $6.5bn
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Issuer cannot access the longer dated conventional bond market
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Not calling bonds can annoy investors but it does offer an opportunity
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Lending volumes and bond issuance from Turkey have plummeted this year
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Turkish bonds have rallied in the past month to the point where printing a new bond would be feasible
