Turkish lira
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Moving Beko to independent funding sources freed up space for parent company to borrow domestically -
Turkish bond prices remain unmoved as investors sit pat on latest rates indications
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Turkey was, yet again, at the fore of market participants’ minds on Tuesday. As inflation spikes, the country has indicated its intention to encourage more borrowing following a debt issuance spree in June.
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Turkey, Cameroon and Latvia all entered international bond markets on Wednesday. Investors said the sovereigns are rushing to secure funding while conditions are still positive, amid the anticipation of rate rises.
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Anadolu Efes Biracılık ve Malt Sanayii, the Turkish brewer, is seeking to issue a new dollar bond as it tenders for existing debt in the currency, just days after the Turkish sovereign reappeared in the debt capital markets.
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The Republic of Turkey demonstrated its access to international markets this week with a four times oversubscribed sukuk. But the deal does not represent an access-all-areas pass to the capital markets for the borrower, following a turbulent period that has seen little change to appease investors, writes Mariam Meskin.
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Turkey launched a June 2026 dollar sukuk on Tuesday, which some market participants believe is set to come "cheap" as the sovereign looks to extend its curve in the asset class.
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Yapi Kredi Bank and Garanti Bank this week became the latest Turkish banks to refinance syndicated loans, in the process raising ESG-linked facilities. The trend towards ESG-linked financing is not driven by the desire to cut costs, which for many has been only symbolic, but by a desire to help boost borrowers’ credentials and to make life easier for international lenders.
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LimakPort, the Turkish international port, entered the debt market on Tuesday, while Turk Eximbank has successfully secured a dollar syndicated loan facility. Turkish issuers are demonstrating resilience, market participants say, amid the heightened levels of domestic and political volatility in the last three months.
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A campaign by a political opposition party questioning the deployment of Turkey’s FX reserves and a snub from the United States has put new pressure on the country’s bonds.
