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                                                                                                         Sabanci Holding, Turkey’s second largest industrialist group, ​decided​ to increase the free float rate of its retail unit Carrefoursa to 5%​ from 3.4%.
S&P Global Platts’ index measuring deepsea Turkish import steel scrap prices (premium heavy melting scrap 1/2) was up by $5/mt d/d to $385/mt on December 9, the highest level recorded since September 2014​, S&P reported​ on December 9.
UK-based Mondi agreed to acquire 90.38% of the outstanding shares in the Istanbul-listed Olmuksan and, following completion, ​plans​ to launch a mandatory tender offer​ to acquire the remaining 9.62% held by minority shareholders.
        Share buy-back announcements by BIST companies
           TRYmn
       12/4/2020
    Sasa
     200
   SASA
     1/13/2020
    Vakifbank
     0.5
   Vakifbank D
 12/25/2019
    Isbank
      300
    SISE, TSKB, ANHYT, ISFIN.TI, ISGYO, ISMEN
     7.4 ​International ratings
   TURKEY - Rating agency
  Jun-18
  Jul-18
 Aug-18
 Jun-19
  Jul-19
     Nov-19
 Aug-20
 Sep-20
   Feb-21
 Bond rating: Moody’s
  Ba2 (UR)
  Ba2 (UR)
  Ba3​
 (​N​)
  B1​
 (N)
  B1 (N)
    B1 (N)
   B1 (N)
    B2​
 (N)
   B2 (N)
   Bond rating: Fitch
 BBB- (S)
  BB​
 (N)
  BB (N)
     BB (N)
  BB-​
 (N)
  BB- (​S​)
 BB- (​N​)
      BB- (N)
 BB- (N)
 Bond rating: S&P
  BB- (S)
  BB- (S)
  B+​
 (S)
    B+ (S)
   B+ (S)
   B+ (S)
  B+ (S)
   B+ (S)
   B+ (S)
      Fitch Ratings ​rates​ Turkey at BB-/Negative, three notches below investment grade. Moody’s Rating Services rates Turkey at B2/Negative, five notches below investment grade, while Standard & Poor’s has Turkey at B+/Stable, also four notches below investment grade.
Fitch ​downgraded​ Oyak by one notch to BB-/Negative.
   7.5 ​Fixed income
    Major eurobond issues by Turkish issuers
  Issuer
 ISIN
 Coupon
    Volume (USD mn)
   End of placement
   Maturity
 UST+
 Ziraat Bank
      5.375%
 600
Jan 26, 2021
 Mar 2, 2026
   496
   Treasury
    US900123DB31
      4.75%
    1,750
 Jan 26, 2021
   Jan 26, 2026
     445
   Treasury
    US900123DC14
      5.875%
    1,750
 Jan 26, 2021
   Jun 26, 2031
     486
   Yapi Kredi Bank
    XS2286436451
      7.875%
     500
 Jan 15, 2021
   Jan 22, 2031
     679
   TSKB
   XS2281369301
      5.875%
    350
 Jan 8, 2021
   Jan 14, 2026
     539
   Istanbul Municipality
   XS2010029234
      6.375%
    580
 Dec 1, 2020
   Dec 9, 2025
     617
   Vakifbank
   XS2266963003
      6.50%
    750
 Dec 1, 2020
   Jan 8, 2026
     621
 Treasury
  US900123DA57
  5.95%
    2,250
   Nov 24, 2020
   Jan 15, 2031
  512
         Upcoming eurobond redemptions by major Turkish issuers
Issuer
Eximbank Halkbank
ISIN
XS1345632811 XS1188073081
Coupon
5.375% 4.750%
Volume (mn)
$500 $500
Issuance
Feb 8, 2016 Feb 11, 2015
Maturity
Feb 8, 2021 Feb 11, 2021
32​ TURKEY Country Report​ February 2021
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