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Bank Issuance Revival a Sign of Lower Near-Term Refinancing Risk: Fitch Ratings

TURKEY
The recent revival in Turkish bank debt issuance is a sign of lower near-term refinancing risks due to improved investor sentiment since Turkey's adoption of more conventional macroeconomic policies after last year’s elections, Fitch Ratings says. They expect issuance to be mostly opportunistic given that costs are still high and foreign-currency liquidity is generally sufficient.
  • “The improvement in refinancing conditions is consistent with our view in September 2023 that short-term risks and operating environment pressures had partially abated… However, banks still face challenges from high reserve requirements and deposit costs amid the unwinding of the FX-protected lira deposit scheme, which accounted for 16% of sector deposits at 18 January. In addition, higher lira interest rates and weaker economic growth are likely to lead to some gradual asset-quality deterioration,” Fitch write.
  • See the full report here.
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