Turkey’s Biggest Banks Sell Debt After Curbs Removed
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Turkey’s largest banks are lining up to sell their first lira-denominated bonds after regulators eliminated a ban designed to safeguard investor demand for government debt.
Turkiye Is Bankasi AS and Turkiye Garanti Bankasi, the two biggest listed lenders in Turkey, plan to enter the local bond market as the central bank lowers interest rates. Istanbul-based Akbank TAS, the third biggest and 20 percent-owned by Citigroup Inc., sold 1 billion liras ($658 million) of 178-day securities on Dec. 13, the first fixed-income offering of its kind by a Turkish retail bank.