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CEE & Turkey

Kazakhstan Bucks Trend as Other Central Banks Follow US Fed in Slashing Rates

Central Asian republics have scrambled to raise rates as their currencies plummeted following a double blow from COVID-related market turmoil and a collapse in the oil price.

17 Mar 2020

Turkish Banking Sector Outlook Improving - ING

Following strong performance last year, many in the Turkish banking sector are looking ahead at 2020 with optimism, according to Oleksiy Soroka, Senior High Yield Credit Strategist at ING.

12 Mar 2020

Turkish Economy Shows Strong Rebound 4Q2019, Shift Away from Credit-Driven Growth Still Needed

2019 GDP growth was underpinned by a positive contribution from net exports at 2.3%, while domestic demand dragged down 1.4% – but in Q4 those dynamics reversed, according to BBVA report.

2 Mar 2020

Turkey Delays Structural Reforms in Favour of Credit Fuelled Recovery – Chatham House

Despite a strong recovery since the economic crisis of 2018, Turkey is not out of the woods yet. Binging on cheap credit may have pulled the economy out of recession for now, stimulating key sectors and driving consumption, but it leaves the lira vulnerable, according to a recent report by Fadi Hakura, Turkey Specialist and Manager of the Turkey Project at Chatham House.

20 Feb 2020

Prospect of Early Romanian Election Sparks ‘Benevolent’ Market Reaction – ING

A successful no-confidence motion against Romania’s government has raised the prospect of early elections and may usher in a period of political instability, but the market has reacted relatively well according to ING emerging market strategist Trieu Pham.

7 Feb 2020

NKBM’s Subordinated Bond Issue ‘Credit Positive’ – Moody’s

Nova Kreditna banka Maridor, Slovenia’s second-largest bank is planning to issue a EUR90.4mn subordinated bond – the bank’s first foray into the international capital markets since its 2013 default and subsequent privatisation.

6 Feb 2020

Eastern European and Turkish Bond Market Activity Picks Up, Driven by Bank Issues

An FI bond’s record price tightening, a new issuer from the CIS, a USD-denominated perp from a major Russian lender and three Turkish issues have blown the CEEMEA bond markets wide open.

5 Feb 2020

Geopolitical Policy Uncertainty, Asset Quality Deterioration, Vulnerability to Fickle Investor Sentiment Weigh on EM Banks – Especially in Turkey

Global and domestic tensions that could threaten policy continuity, asset quality deterioration, and shifting emerging market investor sentiment remain to remain the dominant risks for emerging market banks in 2020, says S&P Global. Turkey remains particularly vulnerable.

27 Jan 2020

Surprise IsBank USD750mn Issue Opens Up Turkish Bond Markets in 2019

It was the first subordinated bond by a Turkish FI this year.

21 Jan 2020

Turkey: Why “the Time is Now” to Go Green

After the volatility and crises that shook Turkey’s markets last year, the country’s economy has been on the road to recovery throughout 2019. While low global rates are pushing investors to hunt for yields in the Turkish market among others, many are also facing growing pressure to incorporate environmental, social or governance (ESG) considerations into their portfolios – which means those…

17 Jan 2020

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