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Bond Market News
Turkish Banks – Akbank, YapiKredi and VakifBank Upgraded by Fitch
September 18, 2024
Akbank, Yapi Kredi, Vakifbank, QNB Finansbank and twenty other Turkish banks were upgraded by Fitch, following the sovereign upgrade of Turkey last week. The rating agency upgraded twelve Turkish banks to BB- from B, including QNB, Akbank and YapiKredi. It also upgraded seven banks to B+ from B which included Vakifbank and Ziraat Bankasi and five banks to B from B-. The subordinated debt of QNB was upgraded to B+ while that of Akbank and Yapi Kredi was upgraded to B. According to Fitch, the near term financial stability risks and external financing pressure on banks have significantly reduced due to policy normalization, greater exchange rate stability and external market access. Consequently, Fitch sees reduced likelihood of government intervention in the banking system. Fitch also upgraded the Viability Ratings (VRs) of sixteen banks as a result of improvement in the operating environment.
Dollar Bonds of these banks traded stable. For instance, Yapi Kredi’s 7.125% 2029s traded at 101 cents on the dollar, yielding 6.86%.
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