Turkish 3-year sukuk raises $2bn at 5.8% on soaring demand

Akin Nazli in Belgrade February 15, 2019

Erdogan administration attempting to shape more favourable economic picture ahead of elections. But latest unemployment data shows worrying signs of fallout from currency crisis.

As pips squeak in Turkey’s real sector central bank talks of “liquidity steps”

Akin Nazli in Belgrade February 14, 2019

Latest data: industrial output worse than expected, C/A back in deficit but seen as “great number”.

Turkey ‘cuts yield at 3-year USD sukuk auction to 5.9%’ on $3.5bn demand

Akin Nazli in Belgrade February 13, 2019

Turkish 5-year CDS up 5% w/w and 76% y/y but down 16% m/m.

Locals wonder if surprise S&P upgrade is in store for Turkey

Akin Nazli in Belgrade February 12, 2019

Markets discuss what’s brought an ‘early spring’ to Turkish markets. BAML survey finds EM assets now seen as “most crowded trade”.

Erdogan cracks down on Turkey’s food “terror”: state stalls swinging votes with cheap veg

bne IntelliNews February 11, 2019

Pre-election strategy is to blame food inflation on ruthless retailers.

As Turks remain stuck in fruit & veg queues, London analysts give a cautious thumbs-up to Turkey

Akin Nazli in Belgrade February 11, 2019

But is it all going L-shaped?

Think of the “price of a bullet” not that of a tomato: Erdogan

bne IntelliNews February 11, 2019

Threatened by soaring food inflation ahead of approaching elections, Turkey’s populist leader courts nationalist votes.

Turkey’s Garanti Bankasi, Turk Telekom to issue eurobonds, Akbank seeks loan refinancing

Akin Nazli in Belgrade February 8, 2019

No official data available on total sum restructured by Turkish lenders. Banking watchdog has scrapped tables on loan restructurings in footnotes of lenders’ financials.

Big Istanbul ferry operator IDO in talks to restructure debt

bne IntelliNews February 8, 2019

Company part-owned by transport mogul Brian Souter hit by collapse of Turkish lira.

Turkey’s inflation battle: municipalities to start fruit & veg sales

bne IntelliNews February 7, 2019

Finance minister refers to “food terror” in warning against price gougers “reaching into pockets of our citizens”.

Turks buying FX, foreigners buying Turkish shares since start of year

Akin Nazli in Belgrade February 7, 2019

Central bank’s gross FX reserves rise to $77bn after eurobond sales.

Turkey sells €835mn two-year sukuk as new bet on FX debt continues

Akin Nazli in Belgrade February 6, 2019

Finance minister counts on foreign currency bond sales despite high costs and strong warnings.

Turkey’s gaming exports hit $1bn+ in value last year says GIST expo rep

bne IntelliNews February 5, 2019

Some 600 firms said to be working on game development in country.

Erdogan returns to plan to nationalise Turkey’s Isbank

bne IntelliNews February 5, 2019

Its shares fall more than 6% as strongman says parliament will strip opposition party of its stake bequeathed by Ataturk.

Turkey’s Real Effective Exchange Rate declines in January

Akin Nazli in Belgrade February 5, 2019

REER is latest Turkish indicator to go through a data series revision that happens to improve the country’s economic readout.

Turkish inflation sticks at 20.3% after jump in food prices

Akin Nazli in Belgrade February 4, 2019

Meanwhile attention turns to health service amid tensions over permitted prices. Around 500 medicines said to be missing from Turkey’s market.

New York-listed Eaton signs $214mn deal for Turkey’s Ulusoy Elektrik amid real sector strains

Akin Nazli in Belgrade February 1, 2019

Latest Turkish headline PMI shows business conditions remain challenging. Finance ministry denies any contact with IMF.

Currency woes drag Turk Telekom to TRY1.4bn net loss in 2018 despite Q4 pick-up

Akin Nazli in Belgrade January 31, 2019

Banks remain captive temporary investors in telco that underwent restructuring after Turkey’s largest ever default.

Turkey’s inflation fever: central bank cuts forecast, eggplants vanish from shelves

Akin Nazli in Belgrade January 30, 2019

Amid Erdogan’s ire over high prices supermarkets stop selling some expensive vegetables altogether.

Turkey’s largest conglomerate Koc to offer $1bn of eurobonds

Akin Nazli in Belgrade January 29, 2019

Holding that accounts for 7% of Turkish GDP gets nod for issue. Meanwhile, Moody’s warns banks are bearing brunt of government’s interventions against downturn.