Record Bank Bonds Spur Loan Growth Easing Risk of Recession: Turkey Credit
By Sibel Akbay - Feb 21, 2012 12:46 PM ET
Turkish banks are increasing bond sales to a record this year, helping to sustain the growth in lending that’s keeping the economy out of recession.
Just two years ago, banks didn’t sell any bonds. So far in 2012, they’ve issued the equivalent of $4 billion, four times the amount a year ago, data compiled by Bloomberg show. Akbank TAS (AKBNK), the biggest by market value, said Feb. 17 it plans to raise the equivalent of as much as $1.5 billion of foreign bonds, triple its single sale in 2011. Turkiye Garanti Bankasi AS (GARAN), the No. 2 lender, issued 1 billion liras ($600 million) of local bonds last month yielding 11 percent.
More:Record Bank Bonds Spur Loan Growth Easing Risk of Recession: Turkey Credit - Bloomberg
