Page 47 - TURKRptSep20
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                    Feb 26, 2020
Denizbank
Board decision
3
-
debt instrument
                        Feb 20, 2020
Yapi Kredi
Board mandate
7
-
debt instrument
                        Feb 20, 2020
Sasa
Mandated Lender
€0.15
-
covered
                       Feb 6, 2020
Garanti BBVA
SPK Approval
6
-
eurobond
                       Feb 6, 2020
Net Holding
SPK Approval
0.3
-
eurobond
                       Feb 5, 2020
Treasury
Bookbuilding
-
Feb 6, 2020
eurobond
                       Jan 29, 2020
Vakifbank
Bookbuilding
-
Jan 29, 2020
eurobond
                       Jan 23, 2020
Akbank
SPK Approval
2
Jul 8, 2020
debt instrument
                        Jan 23, 2020
Ziraat
SPK Approval
4
-
debt instrument
                       Dec 27, 2019
Isbank
SPK Application
5
Jan 16, 2020
                        Dec 16, 2019
Akbank
Board authorization
2
-
subordinated
                        Nov-2019
Istanbul Municipality
Treasury Application
0.5
-
                 Nov 8, 2019
Vakifbank
SPK Approval
€1
-
mortgage-backed
                 Oct 18, 2019
Turkish Airlines
Mandated Lenders
-
-
bond or ETTC
           Despite the many emerging market sovereigns that have successfully issued bonds on the international markets this year, Turkey, typically a leading issuer, has been notable by its absence​, Global Capital ​commented on July 28 in a story entitled “Turkey bond question rises as reserves dwindle”.
“And with its foreign exchange reserves running lower, ​the risks of it not being able to come to market at all could be mounting​,” the publication observed.
Since selling a $4bn dual tranche trade in February, ​Turkey has turned to its local market for funding​, ​even issuing hard currency bonds to domestic investors​. On July 28, Turkey went ahead with another such issue, namely a $3bn three-year dollar paper, while syndicate bankers were left wondering when Turkey would return to the global arena.
On July 30, Cbonds asked ​why Turkey remains out of the international bond market and pondered whether its international bonds would be worth investing in anyway​.
“Turkey hasn't entered the international bond market since February 2020 when it placed 4.25% 13mar2025 and 5.25% 13mar2030 notes. Since then, it has been issuing bonds only in the domestic market,” Cbonds noted.
“However, ​even if it places Eurobonds in the international market, there are risks for investors​. Among them, decreasing FX reserves (the lowest
                 47​ TURKEY Country Report​ September 2020 ​ ​www.intellinews.com
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