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Weekly Lists
May 10, 2019 www.intellinews.com I Page 30
bne:Credit Analysts warn Turkey’s
central bank will have to raise rates again given lira’s renewed weakness
Banca Transilvania and Victoriabank refinance main shopping mall in Chisinau
Analysts are warning Turkey’s central bank will have to again raise interest rates given the renewed pressure that the Turkish lira (TRY) has come under.
The TRY has for several weeks suffered another bout of severe weakness in the wake of last year’s currency crisis, and on May
7 the row over the decision to the annul the result of the end-of- March Istanbul election and call a fresh poll was enough to send it past the pyschologically important threshold of six-to-the dollar and to a seven-month low.
In response, Credit Agricole warned of a “vicious cycle” that leads to higher inflation and tighter monetary policy. TD Securities has pencilled in 600 basis points of rate increases through the end of July, Bloomberg reported.
Romania’s largest lender Banca Transilvania and its Moldovan subsidiary Victoriabank awarded the first cross-border syndication credit worth €21mn to the developer of the shopping mall project Shopping MallDova in Moldova’s capital city Chisinau, according to a press release issued by the two credit institutions.
The mall was developed by Lemi Invest, a joint venture formed by two Turkish partners: Fiba Holding and Summa Turizm Yatirimciligi. Shopping MallDova is the first European-standard shopping mall
in Moldova, built in 2008 on an area of 75,000 sqm. At that time,
the European Bank for Reconstruction and Development (EBRD) extended a €42.8mn loan to the developers, that matures this year.
Ukraine’s finance ministry raised UAH10.9bn ($412mn) — UAH6.5bn and $166mn — at its weekly bond auction on May 7 after raising a total of UAH13.4mn in the equivalent at the previous auction on April 23.
The ministry placed six types of UAH-denominated bonds with maturity ranging from four months to five years, and 18-month US dollar-denominated bonds. The government also placed US dollar- denominated puttable bonds maturing in August 2020.
Foreign investors have become increasingly interested in Ukraine’s domestic bond market and the share of non-residents in the outstanding UAH bonds increased again to 4.8%, up from a mere 0.8% since the start of this year when the interest took off.
Ukraine raises $410mn via local bond placements