CEE & Turkey
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
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
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.
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 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
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.
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.
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.
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.
- Turkey Represents a Big and Difficult Call for Emerging Market Investors This Year
- CASE STUDY: Tofas Drives International Appetite for €200mn ECA-Backed Facility
- CASE STUDY: IC Construction Group Lays Groundwork for IPO with Project Finance Facility
- CASE STUDY: Crescent Capital Cleans Up with Well-Structured Acquisition Finance Facility
- CASE STUDY: İstanbul New Airport Lands €4.5bn Project Finance Loan
12 Jan 2018