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Turkish retail group Boyner has arranged $170m of loans from local and foreign banks. Most of the deal was supplied by international lenders, despite the country having being downgraded to junk this year.

"In the current market it's impressive they got a deal done," said one banker who was not on the deal. "International lenders are very cautious about Turkish corporates, some banks have cut [credit] lines already."

Bank of America Merrill Lynch was one lender in the deal,...