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CEE & Turkey

Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July

CBR keeps rates steady, readies sale of OBR bonds – Nickel production in Russia to remain flat this year – Naftogaz increases compensation demand from Russia by US$5bn – Engie may pull out of Nordstream 2 – Albaraka Turk readies US$400mn issuance – Bank lending in Turkey to rise in 2018

Economic Woes hit Project Finance in Turkey

Project finance in Turkey continues to decline as geopolitical fears, high financing costs and low energy prices put a dent in demand and further strain the local lenders assets.

Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July

Gazprom tapped the international markets – Alfa Bank issued a RUB10bn Eurobond – AFK Sistema declared technical default on bonds –– Halyk Bank acquires Kazkommertsbank – IBA plans to restructured approved by shareholders – Greece returned to the capital markets – Halbank to issue a US$2bn bond in the international markets

Yields Could Tempt EM Investors as Greece Plots a Bond Market Return

A US$3bn issuance could offer the world’s oldest democracy an escape route from the vicious debt cycle it has found itself in, but expectations will need to be managed and a continued push for reforms is integral to this mission.

Russia, CIS, Europe & Turkey Credit Markets Brief: 20 June - 13 July

Russian Eurobonds see strong demand despite additional US sanctions looming – Russia’s VTB agrees new loan to Croatia’s struggling food producer Agrokor – Gazprom issues US$500mn Eurobond – Russia’s Yugra bank is latest to go into administration – Ukraine expects delays on latest IMF tranche – State-owned Ukrainian Railways to issue UAH2bn bond - Azerbaijan's FX reserves rose by US$3bn - Turkey's Is Bankasi issues US$500mn bond

Turkish Growth: Is 5% Too Good to be True?

Turkish policymakers finally got some breathing room earlier this month when official data unveiled that Turkey’s economy had grown at 5% in the first quarter of 2017, beating market consensus by more than 1% while raising suspicion among economists

Political influence Threatens Turkey’s Ability to Control Inflation

As Turkey’s inflation rate surges to levels not seen since the 2008 financial crisis, it will be up to the Central Bank not only to control rising prices, but to break free from political interference.

Turkey’s Sovereign Wealth Fund Promises Better Governance, More Synergies to Bolster Returns

Details about Turkiye Varlik Fonu, Turkiye Wealth Fund tasked with generating over US$200bn in economic activity in the years to come, have been scarce since the fund was put in place last year. We speak with Mehmet Bostan, the well-known banker assigned with setting up and managing the fund, about how TVF is positioning itself to jolt the economy back to life and make Turkish companies more influential on the world stage.

Czech, Please? Speculators Hesitate as De-Capped Koruna Rally Falters

Strong signalling and early exit from the currency cap allowed the Czech Central Bank to avoid FX volatility, but currency traders were left in limbo as a Swiss-style post-flotation appreciation failed to materialise.

Referendum Result Puts Reform in Focus in Turkey

With one of the most controversial referendums in Turkish history having come to pass and growth on the rebound, analysts are now focusing their attention on whether AKP will succeed in refocusing on the reform agenda that ushered in the party’s initial success in 2002.

 

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