Turkish banks are becoming regular issuers of Additional Tier 1 bonds, raising dollar-debt that helps protect them against a volatile lira in one of the hottest corners of the global credit market.
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Yapi Ve Kredi Bankasi AS is set to become the third lender from Turkey to raise AT1 capital this month after offering a US dollar-denominated bond on Tuesday, with initial price talk of around 10%, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it.
Recent deals show that “Yapi Kredi may price much more favorably now,” said Tolu Alamutu, an analyst at Bloomberg Intelligence. Also, “issuing a dollar-denominated AT1 may help Yapi Kredi offset the impact of lira volatility on capital metrics.” Turkish banks’ series of deals come at the tail end of what is set to be the busiest quarter of AT1 issuance since late 2019, with $18.7 billion in global sales since the start of the year, according to data compiled by Bloomberg. Meanwhile, lenders have been exercising options to repay their older notes early, giving portfolio managers more cash to feed supply.
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