Turkey
TURKEY INSIGHT: “How long can this go on?” The puzzle of Borsa Istanbul’s foreign-held shares boom
Stock exchange may be rallying but the data on why is just not available to investors playing these murky markets.
Turkey’s top private lender Isbank sells $750mn of 10-year Basel III eurobonds, others awaited
Turkey’s 5-year credit default swaps fell below 250bp on January 15 and have remained in the 240s since then. Record 566bp was seen in after the lira crisis.
Turkey investors wonder what to make of officials' surprise visits to banks and finance minister’s call for “more competitive” lira
Bankers puzzled by wide-ranging probe as competition authority searches their computers. Meanwhile, Erdogan administration plays it cool as real rates sink below zero. Financial security presented as issue of “national security”.
Turkey’s Halkbank exposed to US court fine of $1.8bn within two weeks if prosecutor’s request accepted
State lender faces contempt of court move after obstinately refusing to appear in New York courthouse to answer Iran sanctions-busting charges.
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TURKEY INSIGHT: How long can the Turkey ETF rally last?
No-one wants to rain on the parade, but it would be folly to ignore the “debt volcano” and a competition probe into Turkish banks launched by officials of an administration that “needs some cash”.
East Asian investors ramp up investments in Central and Eastern Europe
China became the top investor in CEE in 2019, leading fellow East Asian investors that accounted for a growing share of M&A in the region. More deals are expected to follow, says a new report from law firm CMS.
Istanbul-listed Aselsan, Kron and Logo take awards in Deloitte Technology Fast 50 ranking
37 of 50 ranked companies were active in software sector.
Berlin summit agrees attempt to stabilise Libya truce but oil blockade overshadows progress
Foreign powers agreed at a summit in Berlin on January 19 to try to solidify the unstable truce in Libya between the internationally recognised government, which is backed by Turkey, and the self-styled Libyan National Army (LNA) forces of warlord Kh
Nobody surprised as Turkey’s central bank bows to Erdogan with another rate cut
Analysts warn of signs that the credit-fuelling of a strong economic rebound is already causing a fresh build-up of macroeconomic imbalances.
Erdogan warns he’ll “teach lesson” to Libya warlord Haftar if he resumes fighting Tripoli government
Turkish president angered that general departed Moscow without signing brokered ceasefire agreement.
Turkey’s top listed automaker Ford Otosan outperforms peer Tofas in 2019 exports
Year saw Turkish vehicle makers export 86% of production. Exports were down 5% and output was reduced by 6%.
ING: Turkey’s unemployment trending down
October figures show economic recovery starting to cut the number of jobless.
VIENNEAST COMPASS: Risk outlook 2020 – balancing in limbo
CEESE had a good year in 2019, with the economies in the region buoyed by increasing domestic consumption and capital spending that allowed the region to decouple from western Europe.
TURKEY INSIGHT: “Liquidity trumps geopolitics” as Borsa Istanbul breaks consecutive records
IIF sees capital markets awash in abundant central bank liquidity and disconnect from political risk. Catalyst for Turkish equity outperformance is banks’ upbeat forecasts. But lenders fear the regime, their views seem “Panglossian” says analyst.
Economic crash means three-quarters of Turks now ‘prefer supermarket private labels’
Survey also shows 87% of consumers make point of comparing prices at supermarkets before heading to shops. Figure is up from 72% a year ago.
CEE monthly bond wrap: CE issuers raise $44.5bn and EE raises $29.9bn in 2019
2019 was a decent year for bond issues in Central and Eastern Europe, but still behind the vintage year of 2017.
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Turkey ‘to sign $2.7bn compensation deal for pre-war work carried out in Libya’
Backlog of Turkish contract work in conflict-torn country amounts to $16bn says business council representative. Ankara militarily backing Tripoli government in bid to ensure its survival.
Industrial Development Bank of Turkey mandates lenders to sell eurobonds
Confidence said to be growing among issuers after US-Iran crisis made for a slow start to CEEMEA bond issuance.
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Borsa Istanbul’s top lenders Garanti, Akbank downplay NPL concerns in 2020 guidance
Not a lot to choose between Turkey's two largest private banks but mismanagement of economy means there are reservations about both, says analyst.
Reduced global appetite ‘may be delaying’ Turkey’s traditional first month eurobond
Vakifbank, meanwhile, has approval to issue €1bn of mortgage-backed securities abroad and to recall $500mn of 10-year subordinated (Tier II) eurobonds.