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Fortun of the Institute of International Finance (IIF) wrote on May 14.
“Following record outflows in Q1, there is a capital inflow to the EMs but this time is different from 2009. The capital acts selectively and there is no full-blown return,” Sant Manukyan of Is Invest told local business daily Dunya on May 29.
“Turkey should show that it is able to repay its maturing debt,” Fatih Ozatay, an economy professor, told the daily.
According to the latest data, Turkey was obliged to refinance a total of $151bn in external debt, excluding obligations to foreign branches and affiliates, in the 12 months ahead as of end-March.
“We are not among the first-picked countries... There is some motion in the last few days but we don’t know as yet whether this is static money or hit-and-runners such as hedge funds,” Serhat Gurleyen of IS Invest also told the newspaper.
“Markets have also been closely following politics in the recent period. The snap polls possibility is the most important thing on the political agenda in the market,” Reuters’ Turkish service reported on May 29 in its morning market wrap-up.
During the Turkish afternoon of the same day, Reuters’ English service reported that President Recep Tayyip Erdogan was planning to push through measures with his ultra-nationalist allies that could hamper two new opposition parties set up by former allies when it comes to taking part in any announced early elections.
On May 27, Yapi Kredi Bank said that it has raised an additional $90mn via the accordion feature of a syndicated loan facility, bringing the total amount to $870mn.
On May 29, Turk Eximbank said that it had increased its syndicated loan facility to $723mn from a previous $678mn via an accordion feature, while it had also signed some other financing contracts, resulting in a total amount of $808mn.
“[From October 2019 to April 2020], approximately 80 percent of maturing
36​ TURKEY Country Report​ July 2020 ​ ​www.intellinews.com