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CEE & Turkey

16 Feb 2017   Deals, CEE & Turkey

Pushing the Limits on Bond Pricing, Tenors, YDA sets New Benchmark for Turkey

YDA Group’s TRY250mn was a well-structured deal that set a new benchmark for size and tenors in the local currency bond market, a deal made even more impressive by the fact that it was executed during one of the country’s most volatile periods. We speak with Cumhur Bilen, CFO of YDA Group about the company's landmark bond transaction and the its bid to push the limits in the country’s capital markets – particularly through PPPs.

CASE STUDY: YDA Structures First Dual Islamic and Conventional PPP in Turkey for Konya Hospital

YDA managed to attract significant participation from international lenders on the first ever dual conventional and Islamic healthcare PPP in Turkey, a €265mn facility to help finance the construction of the Konya Hospital.

Developing the Green Bond Markets in Turkey: Çiğdem İçel, Executive Vice President, TSKB

TSKB set a new precedent in the Turkish capital markets in 2016 when it became the country’s first financial institution to issue a green bond. Now, with more stringent environmental regulations on the horizon, the bank is seizing on new deal opportunities and vying to become Turkey’s leading sustainable finance practitioner. We speak with Çiğdem İçel, Executive Vice President at TSKB about the bank’s inaugural green bond and the pipeline for sustainable projects in 2017.

CASE STUDY: Kazancı Holding Electrifies Local Loan Market with US$800mn Loan

Kazancı Holding secured a dual-currency US$800mn 10-year loan against a backdrop of severe volatility in the local market and growing uncertainty around the macroeconomic environment more broadly.

Pioneering Covered Bonds in Turkey: Mustafa Turan, VakifBank

In 2016, VakifBank became the first Turkish bank to launch a euro-denominated covered bond – a deal that helped set a new benchmark for other issuers and attracted critical acclaim from across the industry. Working closely with the country’s Capital Markets Board and other regulators, it also played a critical role in the development of the country’s covered bond legislation. Bonds & Loans speaks with Mustafa Turan, Senior Vice President, Head of IF-IR and Structured Finance at VakifBank about the debut transaction and the bank’s future covered bond ambitions.

CASE STUDY: The First Greenfield Green Infrastructure Project Bond in Turkey

Rönesans Healthcare Investment issued Turkey’s first green infrastructure project bond to help finance the development of the Elazığ City Hospital, deploying a new and innovative credit enhancement scheme that helped the issuance soak up global investor liquidity and push the Turkish PPP market forward.

Political Instability Continues to Reverberate Through Economy in Turkey

Since the attempted military coup in July last year, Turkey’s political turmoil has caused significant damage to its economic stability. A systemic purge of opposing views in policy making has intensified tensions within society and security risks have heightened, unsettling investor confidence and weighing on already subdued economic activity while pushing the lira to record lows in the first few weeks of the new year.

Top Dealmaker: Hulusi Horozoglu, HSBC

This was a pivotal year for Turkey, with the country experiencing unprecedented political and currency volatility against a broader backdrop of challenged global growth since late 2015. Hulusi Horozoğlu, Managing Director, Head of Wholesale Banking, Turkey at HSBC talks to Bonds & Loans about how these challenges are impacting Turkish credit markets and the wider economy, and how the bank is looking to differentiate itself among its peers.

VIDEO: Interview with Mehmet Şimşek, Deputy Prime Minister of Turkey

While at the annual Bonds, Loans & Sukuk Turkey conference, Bonds & Loans interviewed the Deputy Prime Minister of Turkey, Mehmet Şimşek, about the government’s plans to develop the local capital markets, what infrastructure and energy projects are planned and his outlook for the Turkish economy next year.

VIDEO: Interview with Mehmet Hakan Atilla, Deputy General Manager International Banking, HalkBank

While at the annual Bonds, Loans & Sukuk Turkey conference, Bonds & Loans interviewed Mehmet Hakan Atilla, Deputy General Manager International Banking, HalkBank, to discuss his outlook for the Turkish capital markets over the next year and the country's main drivers of issuance.


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