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            On June 1, Moody’s ​released​ an assessment of the Turkish banking industry.
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 second review is scheduled for 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
8.5.1​ Fixed income - bond news
          2017
   2018
 2019
    Jun 12
     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
    -3,911
     GDDS
    7,278
    -906
 -3,146
     -7,021
 Repo
     271
      -1,391
    269
    -323
 Private
  42
   -343
 -231
  -14
       Awaited eurobond auctions by major Turkish issuers
              Up to USDbn
   Sold
  Type
     Jun 19, 2020
    TWF
 Media report
      2
    -
   eurobond
     Jun 18, 2020
    Mapa Insaat
 SPK Approval
      1
    -
   eurobond
     Jun 4, 2020
    Isbank
 SPK Approval
      €0.50
    -
   mortgage-backed
     Mar 22, 2020
    Garanti BBVA
 SPK Approval
      €0.75
    -
   mortgage-backed
     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
    -
   subordinated
 Jan 23, 2020
     Ziraat
    SPK Approval
    4
     -
     debt instrument
     Dec 27, 2019
 Isbank
SPK Application
    5
 Jan 16, 2020
      Nov-2019
    Istanbul Municipality
 Treasury Application
      0.5
    -
    Nov 18, 2019
    Yapi Kredi
   SPK Approval
   €0.5
    -
    mortgage-backed
                  53​ TURKEY Country Report​ July 2020 ​ ​www.intellinews.com
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