Page 43 - TURKRptSep20

8.1.5 ​Banks news
On August 4, Moody’s Investors Service ​said​ that it has affirmed the long-term​ deposit ratings of Lebanon-based Bank Audi’s Turkish unit, Odeabank, at Caa1 with a negative outlook. The affirmation followed the withdrawal of the ratings of Bank Audi, which controls a 76% stake in Odea.
“​Which countries are most exposed to a Turkey crisis?​ Main channel for neg. spillovers is the financial sector. Spain (read: BBVA) is clearly #1, while France (read: BNP Paribas) is #2. This is also why the $EUR is vulnerable to a Turkey crisis (although less than in 2018),” Morten Lund of Nordea Markets wrote on August 10 in a tweet (chart below).
“Turkey PMI.... looks a “V”.... in line with our BigData (leading) but still needed to be confirmed by Hard Data (lagging). Watch out with the virus,” Alvaro Ortiz of BBVA Research tweeted on August 4.
43​ TURKEY Country Report​ September 2020 ​ ​www.intellinews.com