CEE & Turkey
Ratings Boost for Elazig Hospital as Project Finance Rises in Turkey
Moody’s Baa2 rating for the €288mn Euro-denominated bond to finance a state-of-the-art hospital campus in Elazig reaffirms the success of Turkey’s healthcare development program funded through PPPs over the last decade, and could set the stage for a project finance surge in the country.
7 Dec 2016
CASE STUDY: Turkcell Senior Unsecured Notes Gain Strong Reception with UK, EU Investors
After more than a decade long hiatus from the international capital markets, Turkcell successfully issued a US$500mn senior unsecured Eurobond that saw strong demand despite book-building against a backdrop of significant volatility in emerging markets.
7 Dec 2016
Koc Holding's CFO Ahmet Ashaboglu - Driving Efficiency Forward
This year has been particularly volatile for Turkish corporates, particularly those with large foreign currency exposure. For many, this means doubling down on efficiency and strengthening key processes to ensure financial and operational risk is minimised. We speak with Ahmet Ashaboglu, Chief Financial Officer at Koc Holding, one of Turkey’s largest and oldest firms, about how the company is…
6 Dec 2016
CASE STUDY: Anatolia Pass Through Trust EETC
Turkish Airlines’ innovative Enhanced Equipment Trust Certificate (EETC) issuance was the first Japanese yen denominated deal of its kind and helped the company significantly expand its access to Asian liquidity.
5 Dec 2016
CASE STUDY: Akenerji Streamlines Debt Structure with Landmark US$1.1bn Loan
Akenerji’s US$1.1bn loan refinancing facility was the first transaction of this kind and size to be financed by a single bank in Turkey and will help the firm consolidate and refinance its existing banks debts.
30 Nov 2016
Analysts: Turkey Rate Hike Not Enough to Stabilise Currency
Turkey’s Central Bank pressed on with a 50bp interest rate hike this week despite persistent criticism from President Recep Tayyip Erdogan. Analysts believe the move won’t be enough to stem the currency’s decline, with further rate hikes expected – which could provoke Erdogan’s intervention, hurting investment.
25 Nov 2016
Infrastructure Outlook: From Small-Scale to Megaprojects, How Are Turkey's Deals Getting Financed?
F. Mehmet Cosan, Chief Financial Officer and E. Murat Kosal, Managing Director of Otoyol talk to Bonds & Loans about new opportunities in Turkey’s infrastructure sector, and discuss the company’s structured funding programme for the Gebze-İzmir Motorway Project and the Osmangazi Suspension Bridge.
22 Nov 2016
Turkish Local Market Resilient as Inflation Threat Looms
Investment flows in Turkey’s local currency credit market defied expectations this year, powering through two ratings downgrades, an attempted coup and a drop in tourism revenues. Slowing consumption and the threat of inflation are forcing policymakers to remain vigilant.
21 Nov 2016
Osman Çelik, Undersecretary of Turkey’s Treasury Discusses the Outlook for the Turkish Economy
Turkey has experienced significant levels of volatility this year, and with growth in the global economy expected to slow next year, all eyes are on the government’s strategy for boosting domestic economic activity and helping to stimulate investment into the country. Bonds & Loans speaks with Osman Çelik, Undersecretary of Turkey’s Treasury, about the outlook for the Turkish economy, how the…
21 Nov 2016
Turkish Participation Banks Grow as Sukuk Outlook Improves
Participation banks have scaled up their retail outfits rapidly over the past few years, consistently besting average growth rates in the Turkish banking sector, and analysts are optimistic about the health of the country’s Islamic capital markets.
18 Nov 2016