Meanwhile, Turkey-Singapore JV Mersin International Port obtains approval to issue up to $650mn of Eurobonds, and Vakifbank obtains $417mn securitisation loan.
Liquidity has dried up. Analyst says “situation smacks of capital controls”, adding: “I'm not sure I see how another FX crisis in Turkey is avoided”.
Reportedly infuriated by lines including “Don't be a tough guy. Don't be a fool!” Turkish strongman said to have chucked it in the trash before launching his military offensive the same day.
The Turkish president is in his element, laying on the strongman routine for world headlines. He’s taking calls from patrons Trump and Putin, but he may not like what he’s hearing.
From out of nowhere oil revenues laundering case is back to haunt Turkey’s strongman. Officials act to stop shorting of lira and banking shares.
Lira market raises Erdogan’s middle finger to the world with some currency strengthening.
Move may unsettle Turkish president Erdogan who has taken a personal interest in securing the investment, even ordering officials to switch to Passat cars.
It was 30 years ago that the Berlin Wall came down, ushering in hopes of a united, peaceful and prosperous world. Today the world is unpredictable and moving towards a new division between East and West. How did we get here?
It’s not clear at all that Donald Trump is serious about bringing forward sanctions with teeth. Turkish markets are gradually taking a hit, but there is some way to go before the government might lose its grip on the situation.
Jitters over military operation gradually taking toll on lira, stocks and bonds but no sign as yet of major financial turbulence.
Move would follow H1 performance that saw net profit rise 7%, suggesting a profit margin of 3% and a P/E ratio of 23.
Ankara is seeking around $26bn to build homes for Syrian refugees in areas it claims it is clearing of Kurdish “terrorists”.
Trump allowed incursion “completely against everybody else's advice”, says Republican Graham, adding: “He will get 100% of the credit if he knows something the rest of us don't. And he's going to get 100% of the blame... no middle ground."
As attack on abandoned US allies starts markets also wonder whether bipartisan bid in Washington to hit Turks with sanctions will succeed.
As autumn refinancing season arrives, renewal ratios are low, costs remain higher than prior to the currency crisis and 2-year maturities have vanished despite so many positive headlines on country’s economic recovery curve.
State banks seen making interventions to brake currency. Analyst advises going with mythical equities punter whom he suspects is Erdogan's “private punting pot”.
Turkey’s president and Donald Trump have put on a real pals’ act in recent months. The US president came through on Syria for the Turkish strongman in a big way, but with the tanks massing and Republicans fuming, threw in some complications.
Turkish membership of Western military alliance already under strain from Erdogan’s purchase of Russian missile systems.
Erdogan gets Syria incursion okay. Facing outcry, US leader then says: “If Turkey does anything that I, in my great and unmatched wisdom, consider to be off limits, I will totally destroy and obliterate Economy of Turkey".
On same day, Greek PM warns Ankara not to “exploit” the migrant crisis for its own ends as overcrowded camps experience sharp spike in arrivals.