CEE & Turkey
EBRD enters PPP project in Turkey
PPPs are becoming increasingly popular forms of financing as they split the funding requirements of a project between public and private entities. A recent PPP in Turkey that the EBRD is participating in is unique as it carries both conventional and Islamic financing components. The EBRD has become increasingly prevalent in Turkey, providing assistance to many projects.
16 Mar 2016
Treasury View: Ihsan Fehmi Sözkesen, Albaraka Turk
Despite concerns over the country’s economy, Turkey stands out among other EMs as a market ready to benefit from the current upturn in emerging market sentiment. FDI forecasts are looking optimistic, the country has compelling fundamentals (including a young, dynamic population) and the local debt market is starting to heat up. We speak with Ihsan Fehmi Sözkesen, Senior Vice President, Head of…
9 Mar 2016
Turkey issues first in a series of planned dollar bonds
Turkey’s Treasury has issued the first in a series of planned dollar bonds. Despite concerns over the country’s economy, mainly down to regional security issues, the recent rally in emerging market bonds coupled with an overall positive outlook on Turkey regardless of recent downgrades has contributed to the bond’s popularity.
4 Mar 2016
Turkey’s Ziraat Bank could issue sukuk
With Turkey’s state owned banks beginning to test the waters with Islamic finance, they are slowly opening themselves to the possibility to tap a very popular market. While there is potential, the country’s sukuk market still has some way to go before it becomes a fully established segment of the country’s banking system.
1 Mar 2016
Could Turkey face a sovereign downgrade?
One of the three main ratings agencies already gives Turkey’s credit ‘junk’ status. A brief glance at the current economic situation there suggests further downgrades may be in the offing, but it is more likely geopolitical factors will play a larger role in influencing any future downgrades.
25 Feb 2016
Despite concerns, Polish long term debt could prove fruitful
Investor concerns over the new Polish government’s economic policies have increased. However, analysts recommend holding long term Polish bonds as yields edge higher, providing attractive returns.
18 Feb 2016
Turkey unlikely to issue any Eurobonds this year
Eurobond issuances from Turkey will be rare this year due to varied financing requirements combined with investor worries over how emerging markets have recently performed after a US interest rate rise. With Eurobonds now falling out of favour for both investor and issuers, Turkey will have to source new avenues of funding.
1 Feb 2016
Emerging market borrowing costs hit 5 year high
Investors warned that emerging markets could face a new credit crunch with borrowing costs reaching their highest levels in five years.
26 Jan 2016
ISBank, Garanti, Otoyol and YDA big winners at Bonds & Loans Awards
Otoyol and YDA both walked away with two gongs at last night’s Bonds & Loans Turkey Awards. Otoyol’s $4.65 billion Project Loan to develop Gebze-Izmir Motorway picked up the Awards for Project Finance Deal of the Year and Syndicated Loan Deal of the Year, while YDA’s Dalaman Airport Project Loan won Transport Finance Deal of the Year and their TRL400m bond won Local Bond Deal of the Year.
12 Nov 2015
Murat Dogan Erden discusses Turkcell’s 10-year US$500mn Eurobond
Against a backdrop of political and economic volatility Turkey’s incumbent mobile telecoms provider Turkcell recently concluded the sale of an oversubscribed 10-year US$500mn Eurobond, with a redemption date of October 15 2025. The transaction was announced with initial price guidance of 6.25%. Following strong interest from European investors in the early hours of book-building, the orderbook…
6 Nov 2015