Who’s behind the proposed Turkish buyer of British Steel?

GPW Political Risk August 23, 2019

GPW Political Risk on how the move by a military pension fund unit to acquire the unloved, neglected UK company may have been motivated by Turkish President Recep Tayyip Erdogan’s personal agenda—and he may require a political quid pro quo.

TURKEY INSIGHT: ‘EM hunt switches from yield to safety' as Ankara readies for new political, economic phase

Akin Nazli in Belgrade August 22, 2019

Lira hit as critics sense weakened strongman Erdogan is intent on pumping up short-term growth.

Turkish real estate tycoon Agaoglu puts his luxury cars up for sale amid market misery

bne IntelliNews August 21, 2019

Meanwhile, Kamhi family put Istanbul’s Profilo shopping mall on market with an asking price of $74mn—half of what they tried to sell if for five years ago.

Turkey completes August domestic debt auctions, raises TRY8.4bn at lower costs

Akin Nazli in Belgrade August 21, 2019

Rollover ratio registers at 95% compared to 73% target.

Turkey’s private banks under growing government pressure to boost lending

Akin Nazli in Belgrade August 20, 2019

Central bank introduces reserves changes which observers note tally with possible plan to drive up short-term economic growth and call early elections. Lira comes under pressure.

TURKEY INSIGHT: Consumer hump, factory slump

Akin Nazli in Belgrade August 16, 2019

Turkish industrial production contracts for 10th straight month. Worst run since financial crisis. Government, meanwhile, continues to work the credit pumps. “Central bank playing with fire,” says one analyst.

Europe turning Turkey into top “dumping ground” for plastic waste

bne IntelliNews August 15, 2019

Plastic waste imports arriving in country soar tenfold to over 40,000 tonnes/month following China’s move to ban shipments.

ING Bank Turkey renews syndicated loan ahead of Turkish lenders’ refinancing season

Akin Nazli in Belgrade August 15, 2019

All-in cost of €190mn tranche is Euribor+2.40%, $96mn tranche fixed at Libor+2.50%. Rollover ratio stands at 49%.

Turkish Airlines passenger decline ugly symptom of consumer crunch in Turkey

bne IntelliNews August 14, 2019

Flagship carrier reports 4.8% July fall in number of people flying, with 11% drop in domestic traffic despite tourism high season.

First annual current account surplus since 2002 for Turkey but size of monthly deficit a surprise

Akin Nazli in Belgrade August 12, 2019

Fall in imports after currency crisis rather than export strength eliminated gap. Repeated credit expansions now undoing progress.

ISTANBUL BLOG: Erdogan pulls off coup inside the central bank

Akin Nazli in Belgrade August 10, 2019

Strongman rips guts out of regulator too slow for his liking in providing cheap money. If he wasn’t entirely at monetary helm before, he is now. But do global investors particularly care?

Turkey’s Tupras reports 15% y/y decline in Q2 profit

Akin Nazli in Belgrade August 8, 2019

Q2 profit significantly above market average expectation mainly thanks to hefty deferred tax gain recorded by oil refiner.

Largest Turkish retailer BIM posts 18% y/y profit growth in Q2

Akin Nazli in Belgrade August 7, 2019

Average market forecast was for TRY306mn, but company was able to record TRY347mn and meet expectations for 31% growth in revenues.

Turkey’s Teflon lira rises and rises but dollarisation rates show Turks not yet buying into recovery

bne IntelliNews August 6, 2019

Many internal and external factors help explain the currency’s recovery but jittery investors still see vulnerabilities everywhere.

CEE monthly bond wrap: Summer doldrums afflict Russian bond issue, but CE raises large amounts

Ben Aris in Berlin August 5, 2019

The emerging markets (EM) bond markets are well into their summer slowdown. There were virtually no bond issues from Russia at all in July but Central Europe saw $6.4bn of issues

TURKEY INSIGHT: Official inflation hops up to 16.65% but that’s not enough to blow Erdogan’s plan off course

Akin Nazli in Belgrade August 5, 2019

Central bank is still no doubt working on another chunky rate cut.

Turkish auto sales crash 66% in July after tax cuts expire

bne IntelliNews August 4, 2019

Automakers hooked on fiscal generosity now in for a rough second half if no more government assistance is forthcoming.

TURKEY INSIGHT: Awesome, surreal!

Akin Nazli in Belgrade August 1, 2019

Top officials say it’s all starting to come together for the Turkish economy. So why are some observers sniggering at the back?

“Biggest step in Turkish censorship history” as TV watchdog gets sweeping oversight over all online content

bne IntelliNews August 1, 2019

Netflix and local streaming platforms among those affected, while critics warn all internet media producing opposition news will feel impact.

Turkish lender Garanti’s Q2 profit comes in flat at TRY1.91bn

Akin Nazli in Belgrade July 31, 2019

Spanish lender BBVA, which owns just short of half of the bank, says Turkey’s political instability and recession dented its group profitability.