CEE & Turkey
CASE STUDY: First International Residential Mortgage Backed Covered Bond in Turkey
As the first ever international residential mortgage covered bond in Turkey, Vakifbank’s €500mn issuance led the way for other Turkish banks to capitalise on this growing market and opened up new pools of liquidity for the institution.
27 Jun 2016
European currencies stable despite Brexit woes
Although a Brexit vote will affect the global markets, the CEE region and in particularly the UK’s larger trading partners within the region such as Poland will be most heavily impacted. However, although concerns over Brexit have caused fluctuations within these markets’ currencies, they have remained relatively resilient over the course of the last month.
21 Jun 2016
Brexit, not Fed, a concern for Europe’s emerging markets
Although emerging markets like Turkey reacted positively on expectations that the US Federal Reserve is unlikely to raise rates this month, many EMs have already factored in such risk and only a higher frequency of hikes would likely affect them. The larger threat to European EMs is the risk of Brexit, which is already weighing on countries such as Poland, and could lead to a much larger fallout.
6 Jun 2016
CASE STUDY: A Green Step Forward for Turkish FIs
As the first green bond to be issued by a Turkish FI, Turkiye Sinai Kalkinma Bankasi’s (TSKB) US$300mn 5-year notes saw tremendous demand from accounts Europe and Asia, helping to set the benchmark for other Turkish issuers looking to raise capital for sustainable projects.
3 Jun 2016
Turkey’s politics the least of its problems
International markets have reacted positively to recent Turkish political activity, and although there are concerns over further interest rate hikes by the Central Bank, the main concern is in Turkey’s long term economic outlook. Amongst other things, investment has been dwindling.
25 May 2016
An investment exit on Brexit?
Although the possibility of Brexit looms above the financial community, the impact of such an event is unlikely to significantly alter the investment strategies of large British institutional investors as Central and Eastern European investment levels are low.
23 May 2016
Turkish FIs flock to international markets
Following deals from both Turkiye Garanti Bankasi’s and Yapi Ve Kredi Bankasi, it has emerged that Turkiye Finans is now also looking to tap the international markets with a Sharia compliant debt instrument as Turkish FIs narrow in on a window of opportunity.
10 May 2016
Turkiye Garanti Bankasi signs dual-currency loan
Turkiye Garanti Bankasi recently signed a benchmark sized dual currency loan deal with a syndication of international banks. The transaction highlights not only the interest of foreign entities in the Turkish debt space, but increased interest form Turkish entities in tapping international markets.
4 May 2016
Hungary shows appetite for dim sum bonds
The Eastern European nation has returned to the international capital markets with a yuan-denominated bond, speaking to its strengthening ties with China around the latter’s ‘silk road’ initiative.
15 Apr 2016
Poland reopens Eurobond but EM investor appetite wanes
Poland marked its return to the international debt markets this week, reopening 20-year euro-denominated bonds initially sold in January this year. Despite securing better pricing than it did on the initial issuance, EM investors aren’t particularly convinced there’s a bargain to be had.
14 Apr 2016