Bonds, Loans & Sukuk Turkey

• What impact has the Russia/Ukraine war had on Turkish supply chain, tourism and trade? What changes need to be, and have been, made as a result?
• How are the 2023 elections expected to impact the Turkish economy? Is a slowdown expected?
• Unpacking the results of inflation and rising interest rates on Turkey’s macroeconomic outlook: What does this mean in the short, medium and long-term?
• Turkish monetary and exchange rate policies: What measures have been taken by the government and what impact is this having on the wider market?

• What impact are impending elections, commodity pricing and geopolitical uncertainties having on companies’ balance sheets?
• To what extent has the increased price of borrowing impacted funding decisions, even on smaller transactions? How will this evolve in 2023?
• How is rising and persistent inflation impacting bond issuances and the trading of government securities?
• Supporting the market: What more can the government be doing to promote “more realistic” market access?
• Could alternative capital market products, such as securitisation and sukuk, provide a more long-term solution for funding teams given current macroeconomic challenges?

• 2023 outlook: What are the expectations for this market post-elections? Are there particular sub-sectors which will offer increased opportunity for lenders and investors?
• What are the current motivations and expectations of lenders and investors when looking at this market? How are they measuring appetite for these deals?
• What lessons can be learnt from recent deals?
• Which sustainable finance instruments are available, and how can they be applied to these deals? To what extent does that increase bankability and investor appetite?

• Convertible bonds vs. securitisation vs. vanilla bonds: How does pricing and performance of each compare? Which products naturally lend themselves better to certain companies or circumstance?

• What is driving the increased volume of local IPOs in Turkey? What does the journey for a company successfully issuing look like?

• What impact has the Russia/Ukraine war had on the Turkish ECM market?

• Learning from the best: A closer look at successful ECM transactions in Turkey – what lessons can be learnt by others looking to enter this market?

• How are investors currently pricing Turkish credit vs. other emerging markets?
• To what extent has appetite for Turkish credit been impacted by the Russia/Ukraine war? Has this made investors change tact?
• What would investors need to see from the Turkish market in order to make it more attractive to them?
• How do GCC-based investors view Turkey? How does it stack up compared to other Middle Eastern markets? Is Turkey’s funding structure sufficient?
• How have new tax regulations impacted international investors wanting to do business in Turkey? To what level is there a lack of flexibility? What more could the government be doing to combat this?

• Green bonds, blue bonds, social bonds: How do these instruments stack-up in terms of pricing and long-term benefits? What are the first steps to implementation?
• What lessons can be learnt from successfully executed green bonds out of other EMs? How were they executed? What have been the medium to long-term benefits? Could the same be replicated in Turkey?
• Assessing success: Which KPIs would FIs be looking for in order to execute a successful transaction? What can companies be doing to help?

• What impact has COVID-19 had on the Turkish syndicated loans market? Who is still committed to lending in Turkey, and which borrowers still have appetite to access this market?
• Where are ECAs and IFIs lending? How has this changed over the past 12 months? Which sectors are preferred, and what are their expectations?
• To what degree are bank balance sheets tightening as a result of increased funding costs? What does this mean for Turkish borrowers?
• LIBOR after completion: What can the banking market expect to see in 2023 as a result of the LIBOR transition completion?

• The road towards “decarbonisation”: What does the government’s new renewable energy regulations look like? How are banks helping companies prepare for the impending 2026 tax on carbon emissions?
• A closer look at alternative energy sources: How are some of Turkey’s largest players combining forces to produce and promote energy storage and electric vehicles?
• What steps does Turkey need to take in order to truly take control of producing its own energy, given its historical reliance on others (especially Russia)?
• How should Turkish energy companies be looking to secure long-term local and international investment into energy storage, batteries and electric vehicles? What criteria are investors looking for?
• What impact has the Russia/Ukraine war had on energy pricing in Turkey?