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It is a truth universally acknowledged that Turkey’s banks are overly dependent on external financing. Whenever the country hits economic or political turbulence, as it has with alarming regularity over the last few years, the spectre of a bank funding crisis is resurrected in rating agency updates and gloomy analyst reports.
Yet whenever Turkish banks actually appear in the international markets, they meet with an enthusiastic response – as in the case of Akbank’s $1.2 billion dual-currency syndicated loan outing in early February.
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