CEE & Turkey
Turkey: Life After Downgrade
Life after the downgrade of Turkey’s sovereign credit rating has demonstrated that not everything is lost. Investors did not overreact in selling Turkish assets, as was the case in Russia and Brazil.
27 Oct 2016
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 Sept 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 Sept 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 Sept 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 Sept 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 Sept 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 Sept 2016