Page 53 - TURKRptNov19
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                                                                                                                                                                                                                                                                                                                                             Fitch also cited Turkey’s improving current account balance, continued economic growth and falling inflation.
Fitch lowered Turkey’s rating in July, days after Erdogan unexpectedly removed central bank governor Murat Cetinkaya for not fulfilling his expectations on lowering interest rates.
The central bank has since delivered 1,000 bp of rate cuts.
The rating company warned of deteriorating institutional independence and the credibility of economic policy in Turkey.
 8.5 ​Fixed income
   Non-residents' holdings of equity and government domestic debt securities ($ mn) (Market Value)
        2017
   2018
   Jan
   Feb
   Mar
   Apr
   May
   Jun
   Jul
   Aug
   Sep
   Oct
  So far 2019
   STOCK
                                                      Equity
  51,984
     29,563
      35,260
      34,684
      29,339
      27,995
      26,382
      28,832
      31,345
      28,727
      31,589
      29,485
     29,485
   GDDS
    30,942
 18,325
 19,246
 18,095
 14,514
 13,269
 12,811
 14,622
 15,881
 14,999
 16,149
 15,528
 15,528
 Repo
  2,403
     314
      340
      330
      309
      297
      322
      351
      392
      417
      375
      380
     380
   Private
 959
  612
   591
   501
   543
   489
   473
   492
   465
   440
   453
   388
  388
    NET TRANSACTIONS (Adjusted for Foreign Exchange and Market Price Effects)
   Equity
     3,191
   -904
   1,335
   59
   -517
   -21
   -196
   192
   -5
   -418
   163
   -521
  71
   GDDS
      7,278
    -906
    -329
    -377
    -868
    -489
    -540
    131
    235
    7
    79
    -700
   -2,851
 Repo
  271
     -1,391
      15
      -4
      15
      5
      24
      -8
      23
      41
      -67
      3
     47
   Private
 42
  -343
   -21
   -90
   42
   -53
   -16
   19
   -26
   -25
   12
   -65
  -224
    source: tcmb
  8.5.1​ Fixed income - bond news Eurobond issues
Issuer
Vakifbank Sisecam
Treasury
Yapi Kredi Bank Koc Holding
QNB Finansbank Yapi Kredi Bank Turk Telekom Treasury (sukuk) Treasury Eximbank Treasury
source: cbonds
ISIN Coupon XS1970705528 8.125% XS1961010987 6.95% US900123CT57 7.625%
End of placement
600 03/21/2019 700 03/20/2019
1000 03/26/2019 500 03/07/2019 750 03/05/2019 500 02/28/2019
321.6 02/25/2019 500 02/21/2019 2000 02/21/2019 01/31/2019 500 01/24/2019 2000 01/16/2019
Maturity date
03/28/2024 03/14/2026 04/26/2029 10/15/2024 03/11/2025 09/07/2024 11/25/2027 02/28/2025 02/21/2022 03/31/2025 01/24/2024 04/26/2019
53​ TURKEY Country Report​ November 2019
​ ​www.intellinews.com
XS1958649854 XS1961766596 XS1959391019 XS1957348441 XS1955059420 XS1816199373
XS1917720911
8.25%
6.50% 6.875%
FRN 6.875%
5.80% 4.63% 8.25%
7.625%
EUR1.25bn
Volume (USD mn)
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