Bofa

The Piraeus Bank is issuing a green senior preferential bond, Bloomberg reports.

The issue is estimated to be worth €500 million.

The issue has been assigned to BNP Paribas in partnership with BofA Securities, Commerzbank HSBC and IMI- Intesa San Paolo who will jointly run the offering book.

In recent reports from Citi and Bank of America (BofA), analysts have offered upbeat assessments of the Turkish economy and local markets.

The Turkish markets are on the verge of a "renaissance moment," said Citi, adding that the authorities' shift toward policy normalization has galvanized investor interest in Turkish assets.

After Goldman Sachs increases its earning per share (EPS) estimates for the Turkish banks in its coverage earlier this month, this time Bank of America (BofA) lifted its EPS for Turkish lenders.

"We continue to have a positive view on Turkish private banks," BofA said in a report released on Feb. 19.

Recovery in the Turkish banking system's core spreads and an improved fee base will continue to support revenues, the Bank of America (BofA) has said in a recent report, adding that it sees asset quality risks as manageable.

"Normalization" is probably the best word to describe the ongoing dynamics in the Turkish banking system, the authors of the report said.