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Bancao Bilbao Vizcaya Argenta (BBVA) Spain & Garanti Turkey Equity in USD currency (@DojiGravestone).
The Romanian subsidiary of Turkish group Garanti BBVA, controlled by Spain's BBVA, announced that its net revenue rose to RON209mn (€43.5mn) in the first half of the year, up by 3.8% compared to the same period of 2019. The bank is currently for sale.
8.2 Central Bank policy rate
8.3 Stock market
On August 27, minutes from the Turkish central bank’s policy-setting meeting held on August 20, which left the key rate on hold, showed the authority stating that leading indicators for August suggested a sustained rise in the trend of inflation, currently officially just below 12% compared to the benchmark interest rate of 8.25%.
The bank added that tightening steps in liquidity policies led to an increase in loan and deposit rates, and that loan growth had started to decelerate.
Non-residents sold a net $566.5mn of stocks in the week through August 7 after the Turkish government cut lira liquidity in London, according to central bank data. The exit amounted to the biggest from the Istanbul market since March 2019, when authorities constricted supplies of dollars. The latest wave of selling by foreigners means their net disposals of Turkish stocks this year total $5.1bn.
Turkish renewables firm Aydem Yenilenebilir Enerji, part of energy conglomerate Aydem Enerji, has applied to Turkey’s Capital Markets Board to conduct an initial public offering (IPO), business daily Dunya reported.
8.4 Fixed income
8.4.1 Fixed income - bond news
Major eurobond issues by Turkish issuers
Issuer
ISIN
Coupon
Volume (USD mn)
End of placement
Maturity
Akbank
XS2211119313
6.05%
50
Jul 24, 2020
Nov 15, 2024
Akbank
XS2131335270
6.80%
500
Jun 30, 2020
Feb 6, 2026
44 TURKEY Country Report September 2020 www.intellinews.com
