Turkey
Halkbank shares head south in Istanbul after Erdogan’s White House meeting produces little
State bank embroiled in Iran sanctions-busting case. Mention of Turkish strongman in indictment and Trump Tower Istanbul under renewed scrutiny. No progress on ‘S-400’ row. Senators not thrilled at Oval Office showing of anti-Kurdish propaganda film.
TURKEY INSIGHT: Base effect delivers industrial growth after year of decline but official data continues to bewilder
Import compression is over. Officials are turbo-charging GDP. Lira is held in ‘dirty float’. Turks insist inflation is still high. Authorities are telling them they're wrong. Economics anoraks shouldn't miss an episode of the Erdogan experiment.
ISTANBUL BLOG: Imamoglu, redeemer of hope for Turks, to debut on global finance stage in London
New phase of the ‘fairytale’ for opposition politician elected mayor of Istanbul with the strategy “Ignore Erdogan and love those who love Erdogan”.
Czech CEZ’s Turkey-listed JV restructures $854mn loan with Yapi Kredi Bank
Markets, meanwhile, draw breath as Erdogan prepares for November 13 White House meeting with Trump. Betting is that the two strongmen will reach an accommodation.
Turkey sells $2.5bn of 5-year eurobonds at 5.70%
Spread over US Treasury paper fell sharply to 407bp from 470bp seen at previous Turkish sale, held in July.
IIF: 2020 the climate super-year
The growing importance of environmental, social and governance (ESG) performance to investors (and ultimately to voters) is one of the most important forces shaping the new global economy. CO2 emissions must peak next year or we are in trouble.
CEE monthly bond wrap: Bond issues in Eastern Europe pick up strongly in October, but activity subdued in Central Europe
Bond issuers from Eastern Europe were active in October with 18 bonds issued worth a total of $4.5bn of which two-thirds of the value and 14 out of the 18 were Russian bonds, according to data provided by CBonds.
EBRD advises Turkey on reforms to open swollen bad debt burden to foreign buyers
Presently Turkish banks only permitted to sell NPLs to fellow domestic banks or country’s asset management firms. Hungry outsiders might place bids if Ankara opens market to investors looking to securitise the loans.
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TURKEY AT A CROSSROADS: Erdogan administration facing possibly decisive economic and political horizons
Notes from BlueBay Asset Management economist Timothy Ash on his latest visits to Istanbul and Ankara.
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Q3 FINANCIALS, TURKEY: Isbank beats peers with 9% profit growth but remains far behind real sector outperformers
Outperformers: Turkcell, Ford Otosan, Coca Cola Icecek, Ulker, Anadolu Cam, Enerjisa.
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Turkey’s mega airport ‘looking to refinance up to €5bn’
Grand infrastructure project got off to a less than auspicious start, hitting the share price of Turkish Airlines in the process.
TURKEY INSIGHT: Erdogan’s upcoming White House photocall whetting appetite of equity hit-and-runners
Beware, says analyst, “When a country's ruler resembles King Lear out on a moor in the storm, any calm is temporary and deceptive”.
EBRD: Pace of emerging Europe economic growth slows as global outlook weakens
The pace of growth in the EBRD’s emerging economies is slowing on the back of a weaker global economic outlook, and pressure from slower growth in the Eurozone and China, US/Chinese trade tensions and a contraction in world automobile production, acc
Turkey to redeem $1.5bn of 10-year eurobonds on November 7
Big question mark whether strongman Erdogan is ‘welcome’ on international debt markets following Syria invasion.
Turkey’s Mersin Port ‘mandates lenders to issue $550mn of 5-year eurobonds’
Most proceeds to finance outstanding eurobonds that formed first ever infrastructure paper issued by a Turkish company.
Auto sales in Turkey leap 128% in Oct as cut loan rates entice consumers
Despite strong sales performance of past two months, auto sales still 32% lower in first 10 months of 2019 year on year.
TURKEY INSIGHT: Officials say CPI now at 3-yr low but experts not convinced data is sound
“Not sure many people locally believe the data,” says one analyst. “I wouldn't be buying the mkt regardless. Too much $hit flying round,” remarks another.
Azerbaijani gas ‘won’t flow to EU terminus until at least October 2020’
Delays reportedly caused in construction of final stretch of 3,400-km Southern Gas Corridor that is to make landfall in Italy.
Erdogan makes an enemy of VW’s trade unions
Labour representatives “repudiate approval” of automaker’s plan to build plant in Turkey while violence in Syria continues.
ISTANBUL BLOG: Turkey’s divergence from economic realities continues apace as state banks cut corporate rates right on cue
National lender lowers its inflation expectations to match those of Erdogan administration. Governor warns against creating perception that unexplained things are occurring in country’s monetary operations.