August 7, 2018 / 2:08 PM / in 4 months

Turkish banks' dollar bonds fall, some issues hit record lows

LONDON, Aug 7 (Reuters) - Dollar debt issued by Turkish banks fell across the curve on Tuesday, with some bonds hitting record lows as investor worries about the rapid lira depreciation eroding capital buffers took their toll.

Among the worst hit was Halkbank, whose former deputy general manager was convicted in January in the United States of evading Washington’s sanctions on Iran.

Halkbank’s 2020 eurobond was down 3.3 cents to a record low of 78.7 cents, according to Tradeweb. Yapi Kredi’s 2026 issue fell 1.1 cent to a record low of 87.386 cents, Tradeweb data showed.

Goldman Sachs analysts warned in a note that the 12 percent fall in the lira since the end of June had left Yapi Kredi with the weakest capital levels of all the main Turkish banks.

Other Turkish banks also sold off with Garanti’s 2022 issue down 1.04 cents to the lowest level since February 2014 while Akbank’s 2025 bond fell 0.68 cents to its lowest since June 20. (Reporting by Claire Milhench, editing by Karin Strohecker)

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