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 8.3.3 ​ ECM news
       Shares in Turkish insurance companies leapt on April 24 after Turkey’s sovereign wealth fund (SWF) took over​ insurance and pension companies owned by state banks. Turkey Wealth Fund (TVF) invested Turkish lira (TRY) 6.54bn ($938mn) in the acquisitions.
Shares in Gunes Sigorta rose 9.2% to 3.08 lira, while Halk Sigorta’s share price moved up 5.14% to 3.68 lira. According to Eikon data cited by Reuters, the free float of Gunes is 34.03% and that of Halk Sigorta is 4.68%.
The fund’s TVF Finansal Yatirimlar unit also bought the shares of Ziraat Sigorta and those of pension companies Vakif Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik.
TVF, the board of which is headed by President Recep Tayyip Erdogan, stated in December that it would consolidate the firms within the SWF.
 8.4 ​International ratings
   TURKEY - Rating agency
     Jun-18
 Jul-18
     Aug-18
   Jun-19
 Jul-19
     Nov-19
  Jun-20
   Bond rating: Moody’s
      Ba2 (UR)
 Ba2 (UR)
      Ba3 (N)
    B1 (N)
 B1 (N)
      B1 (N)
   B1 (N)
 Bond rating: Fitch
  BBB- (S)
   BB (N)
    BB (N)
     BB (N)
    BB- (N)
    BB- (S)
    BB- (S)
   Bond rating: S&P
 BB- (S)
BB- (S)
  B+ (S)
  B+ (S)
 B+ (S)
  B+ (S)
 B+ (S)
     Fitch Ratings rates Turkey at BB-/Stable, three notches below investment grade. Moody’s Rating Services rates Turkey at B1/Negative, four notches below investment grade, while Standard & Poor’s has Turkey at B+/Stable, also four notches below investment grade.
Fitch’s second rating review release for Turkey is expected on August 21. Moody’s reviews are scheduled for June 5 and December 4, while S&P is set to release its last scheduled review for this year on July 24.
 8.5 ​Fixed income
Non-residents' holdings of equity and government domestic debt securities ($ mn) (Market Value)
NET TRANSACTIONS (Adjusted for Foreign Exchange and Market Price Effects)
source: tcmb
          2017
   2018
 2019
    May 15
     STOCK
                   Equity
    51,984
    29,563
 32,422
     21,334
     GDDS
    30,942
    18,325
 15,448
     7,055
     Repo
    2,403
    314
 573
     226
 Private
    959
     612
   406
   358
        Equity
   3,191
   -904
 409
    -3,571
     GDDS
    7,278
    -906
 -3,146
     -6,646
     Repo
    271
    -1,391
 269
     -233
 Private
    42
     -343
   -231
   -23
   46​ TURKEY Country Report​ June 2020 ​ ​www.intellinews.com
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