CEE & Turkey
Salıpazarı Liman İşletmeciliği ve Yatırımları A.Ş, a joint venture between BLG Gayrimenkul Yatırımları ve Ticaret A.Ş. and Doğuş Holding A.Ş, secured a 14-year €1.2bn project finance facility just one month after the Turkish coup attempt and without any guarantees from the Turkish government.
Turkey’s Central Bank pressed on with a 50bp interest rate hike in November despite persistent criticism from President Recep Tayyip Erdogan, and held its benchmark one-week repo rate at 8% at the latest meeting in January – despite market expectations. Analysts believe the move won’t be enough to stem the currency’s decline, with further rate hikes expected – which could provoke further intervention, hurting investment.
YDA raised four-year money – pushing average tenors in Turkey’s local currency market – just one week after the coup attempt and two days after S&P downgraded the country’s sovereign credit rating to junk.
F. Mehmet Cosan, Chief Financial Officer and E. Murat Kosal, Managing Director of Otoyol talk to Bonds & Loans about new opportunities in Turkey’s infrastructure sector, and discuss the company’s structured funding programme for the Gebze-İzmir Motorway Project and the Osmangazi Suspension Bridge.
A number of hospital-focused public-private partnerships attest to the success of Turkey’s healthcare development programme over the last decade, and deals like this could set the stage for a resurgence in new projects for years to come.
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.
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.
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.
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.
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
- Political Instability Continues to Reverberate Through Economy in Turkey
- Top Dealmaker: Hulusi Horozoglu, HSBC
- VIDEO: Interview with Mehmet Şimşek, Deputy Prime Minister of Turkey
- VIDEO: Interview with Mehmet Hakan Atilla, Deputy General Manager International Banking, HalkBank
11 Apr 2018