HALKBANK AFFAIR: US judge orders Turkey’s “fugitive” state lender to attend Iran sanctions evasion hearing

Akin Nazli in Belgrade October 24, 2019

Timeline of events so far centred on bank shows this is a case that could run and run. Roles of Trump and Erdogan in addressing affair under scrutiny.

TURKEY INSIGHT: Strongman Erdogan takes on the markets. Rate cuts add up to 1,000 bp since he fired central bank governor

bne IntelliNews October 24, 2019

Officials unleashing flood of cash in bid to reboot economy and president's popularity. Analysts are wary.

Turkish government angling ‘to access more funds from central bank’

Akin Nazli in Belgrade October 23, 2019

Budget deficit grew 51% y/y to 86bn lira in January-September. Even 80bn lira of transfers from national lender to Treasury in year to date has not stopped it widening.

TURKEY INSIGHT: Halkbank, busy dodging a US court, gets a rating watch negative from Fitch following Moody’s move

Akin Nazli October 23, 2019

Indictment restarts popular soap opera. Prosecutors think Erdogan has some explaining to do. New York judge says of convicted Atilla announced as new Istanbul stock exchange boss: “I suppose that’s one way of integrating back into society”.

Turkey’s Halkbank now seen as “fugitive” by New York prosecutors

bne IntelliNews October 23, 2019

State bank fails to send lawyer to initial court hearing on conspiracy to evade Iran sanctions.

Serbia, Croatia join race for VW plant but carmaker ‘not actively looking for alternative to Turkey’ as things stand

bne IntelliNews October 22, 2019

German auto giant, fearing reputational damage by association following Turkish invasion of Syria, is taking stock of situation.

EBRD opposes naming of Halkbank executive convicted in US as Istanbul stock exchange boss

bne IntelliNews October 22, 2019

“We were not consulted and we do not support it,” says spokesman for development bank that owns 10% of Borsa Istanbul. Appointment widely seen as political rebuttal to New York indictment brought against state lender.

Former jailed Halkbank deputy GM appointed boss of Istanbul stock exchange

bne IntelliNews October 21, 2019

Move will be taken as underlining Turkey’s angry rejection of US indictment of public lender on Iran sanctions-busting charges.

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.