WOOD Flash – Turkish banks: wholesale funding – a wrap-up of recent developments
In this flash note, we wrap up the recent wholesale funding developments in the Turkish banking space. Akbank’s syndication refinancing was a green shoot for the banking sector, and it is highly likely that other banks will roll over syndications with similar terms. However, syndications are only one type of product and we believe that the market for other types of wholesale funding is quite dry. On the state banks’ end, there is speculation that the unemployment fund might have been involved in the state banks’ recent Tier 1 and 2 issuances. As the pricing is not disclosed on these issuances, it is difficult to take a stance or see if there was any implicit state subsidy. We note that the state banks were much more present in the lending market than their private peers during the 2008-09 crisis. Perhaps increased capital ratios could lead to similar behaviour down the line. In this flash note, we also make an adjusted calculation on the Turkish banks’ external debt due in the next 12 months.Akbank is a commercial bank. Co. operates in five segments: Retail banking offers a range of retail services, such as deposit accounts, loans, credit cards, insurance products and asset management services; Corporate and Small and Medium Size Enterprises banking provides financial solutions and banking services; Treasury Activities conducts regional and foreign currency spot and forward transactions, bonds and other domestic securities; Private banking offers banking and investment transactions for upper-income groups and the International banking provides services for foreign trade financing and Turkish Lira clearances, and money transfers through agent financial institutions.
Turkiye Vakiflar Bankasi (Vakifbank) is a banking and financial services company based in Turkey. Co. offers products and services that cover corporate, commercial, investment and small-scale enterprise banking as well as the retail and private banking sectors. Co. also provides financial leasing, portfolio management, real estate, insurance and factoring services through its financial participations. Co.'s deposit products include time and demand deposits, as well as loans comprise spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, gold loans, foreign currency loans, eximbank loans, and pre-export loans.
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