Turkey

Turkish Airlines ‘mandates lenders for eurobond or trust certificate issue’

Akin Nazli in Belgrade October 21, 2019

Meanwhile, Turkey-Singapore JV Mersin International Port obtains approval to issue up to $650mn of Eurobonds, and Vakifbank obtains $417mn securitisation loan.

TURKEY INSIGHT: Financial markets unofficially suspended, foreign investors shoved out of picture as Syria tension mounts

Akin Nazli in Belgrade October 17, 2019

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”.

Erdogan ‘binned’ Trump’s ‘locker-room banter’ letter on Syria

bne IntelliNews October 17, 2019

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.

ISTANBUL BLOG: The Syria Attraction – Putin and Trump tell Erdogan to stick with what he has, but Erdogan needs more

Akin Nazli in Belgrade October 16, 2019

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.

Erdogan officials bring in more irregular measures to defend Turkish markets after US presses Iran sanctions-busting Halkbank charges

Will Conroy in Prague October 16, 2019

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.

SYRIA OFFENSIVE: ‘Fake sanctions’, ‘Sanctions lite’… Don’t kid yourself that Trump’s hit Turkey with meaningful measures

Akin Nazli in Belgrade October 15, 2019

Lira market raises Erdogan’s middle finger to the world with some currency strengthening.

VW delays decision on Turkey car plant citing reputational risk due to Syria offensive

bne IntelliNews October 15, 2019

Move may unsettle Turkish president Erdogan who has taken a personal interest in securing the investment, even ordering officials to switch to Passat cars.

CONFERENCE CALL: Decline of the West and rise of the rest

Ben Aris in Rhodes October 14, 2019

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?

TURKEY’S SYRIA OFFENSIVE: A dizzying media bombardment but Erdogan’s Kurdish bloodbath plans are running like clockwork

Akin Nazli in Belgrade October 14, 2019

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.

Vague warning of “Play by the rules” from Trump as markets wonder if Turkey’s Syria incursion will invoke US sanctions

bne IntelliNews October 10, 2019

Jitters over military operation gradually taking toll on lira, stocks and bonds but no sign as yet of major financial turbulence.

Top Turkish retailer BIM gearing to pay additional net cash dividend per share

Akin Nazli in Belgrade October 10, 2019

Move would follow H1 performance that saw net profit rise 7%, suggesting a profit margin of 3% and a P/E ratio of 23.

Turkish cement firms’ shares plunge after Syria attack begins and EU shows no appetite to finance home-building for refugees

bne IntelliNews October 10, 2019

Ankara is seeking around $26bn to build homes for Syrian refugees in areas it claims it is clearing of Kurdish “terrorists”.

US senator threatens to hit Turkey with “sanctions from hell” over Syria operation

bne IntelliNews October 10, 2019

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."

TURKEY’S SYRIA INCURSION: How much Kurdish blood will Erdogan risk getting on Trump’s hands?

bne IntelliNews October 9, 2019

As attack on abandoned US allies starts markets also wonder whether bipartisan bid in Washington to hit Turks with sanctions will succeed.

Turkey’s Akbank renews syndicated loan at 83% renewal ratio

Akin Nazli in Belgrade October 9, 2019

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.

TURKISH MARKETS: Shares and lira sturdy despite ‘tanks at Syria border’ and ‘The Dude’s’ in action

Akin Nazli in Belgrade October 8, 2019

State banks seen making interventions to brake currency. Analyst advises going with mythical equities punter whom he suspects is Erdogan's “private punting pot”.

ISTANBUL BLOG: How far could some Kurd killing go to saving Erdogan’s skin?

Akin Nazli in Belgrade October 8, 2019

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.

US senator warns he’ll call for freezing of Turkey’s Nato membership if Ankara attacks Kurds

bne IntelliNews October 8, 2019

Turkish membership of Western military alliance already under strain from Erdogan’s purchase of Russian missile systems.

Trump ‘stabs Kurds in back’

bne IntelliNews October 7, 2019

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".

Cyprus accuses Turkey of “bullying tactics of an era long gone” as drill ship heads for ‘licensed’ waters

bne IntelliNews October 4, 2019

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.

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