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CEE & Turkey

Turkey’s post-downgrade US$1.5bn bond feat puzzles sceptics

Opinion is divided about the reasons behind Turkey’s recent success on the international debt markets, but questions remain over the country’s long-term investment potential.

18 Oct 2016

Turkish 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.

12 Oct 2016

Turkish covered bond appeal broadens in wake of downgrades

The downgrade of the covered bond ratings of six Turkish banks by Moody’s has seen yields on these instruments rise. This could bolster their appeal to non-Turkey focussed yield-hungry investors, analysts suggest.

3 Oct 2016

Poland’s fiscal consolidation: tying ambition to reality

Investment into the sixth largest European economy amounted to just 16.7% of GDP in second quarter of 2016, down by 1.4% year-on-year. As the Polish government gears up to carry out the economic reforms promised during the PiS party’s election campaign, the sombre reality of falling investment and rising fiscal deficit may curb those ambitions.

29 Sep 2016

Turkish corporates buck the downgrade trend

Moody’s post-coup downgrade of Turkey continues to hit the country, with a number of Turkish FIs having their ratings downgraded. The country’s corporates have weathered this storm, and the asset class has proved to be a strong performer with more entities likely to tap the markets in the medium term.

28 Sep 2016

Inflation, CB independence, junk downgrade leaves Turkey investor undeterred

Investors are still likely to lend to Turkey on its strong fundamental despite some funds being blocked by Moody’s recent rating downgrade, or budding concerns over inflation or institutional independence. Analysts suggest the downgrade was more politically-linked rather than a commentary on the country’s economic fundamentals, and forced outflows are unlikely to amount to much.

26 Sep 2016

Covered Bonds in Turkey: A Revival on the Horizon?

Many of Turkey’s largest lenders have moved to set up covered bond programmes since the government passed key legislation in 2014, but issuances have been few and far between. With mortgage growth looking healthy and the government intent on introducing yet more legislation aimed at driving investment, are covered bonds back on the agenda for the country’s banks?

22 Sep 2016

Turkey: An Economy in Need of Transformation

Without a strong revival on the fixed income investment outlook for Turkey, analysts remain bearish on the country’s prospects. As Turkey’s relatively young population moves into the workforce en masse, hopes for the country’s longer-term prospects hinge on confidence in an economic and structural evolution long overdue.

13 Sep 2016

Yapi Kredi CFO Massimo Francese on Turkey’s banking sector and future funding opportunities

Turkey’s markets have experienced a lot over the last couple of months. Despite perceived volatility however, the country’s fundamentals remain strong. We speak with Massimo Francese, Executive VP and CFO at Yapi Kredi on the strength of the Turkish banking sector, how the Bank’s overall strategy will play out going forward and how the Bank is adapting to Basel III.

9 Sep 2016

CFO View: Etisalat's Group CFO, Serkan Okandan, talks key financing challenges in the GCC and Africa

Serkan Okandan has been the Group Chief Financial Officer of Emirates Telecommunications Group Company PJSC (Etisalat Group) since January 2, 2012. Mr. Okandan served as Deputy Chief Executive Officer of Etihad Etisalat Company (Mobily) from October 2014 until July 2015 and currently represents Etisalat Group at the Boards and Audit Committees for companies in the UAE, Saudi Arabia, Pakistan and…

7 Sep 2016

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