Page 6 - TURKRptFeb22

Foreign companies’ interest in Turkish manufacturers was on the rise. However, the expected boom has not materialised. The latest energy crisis may scare off buyers in the coming period. The main theme in recent M&As in Turkey has centred on foreign buyers taking over the debt of indebted manufacturing companies (See Section 5.3).
A eurobond auction is awaited from the Turkish Treasury. On February 7, Bloomberg quoted unnamed sources as saying that the Treasury has mandated banks, including HSBC (London/HSBA), to sell sukuk papers. The authority is late with the auction. If it cannot sell eurobonds in January, it typically moves to do so in February. In recent years, the Treasury has not waited until as late as March to hold its first auction of the year.
On February 21, the Treasury will redeem $2bn of sukuk papers. See the full list of redemptions under Section 7.5.
Coca-Cola (CCOLA) Icecek sold $500mn of 7-year eurobonds at a 4.50% coupon. It also bought back $199mn of its outstanding $500mn paper, which pay a 4.215% coupon, due September 24.
Botas signed a 4-year deal for 5.75bn m3/year of gas from Gazprom (Moscow/GAZP). On January 26, media reports suggested that Socar Turkey will buy daily 4mn m3 of gas from Azerbaijan.
BlackRock (New York/BLK) has invested in Dream Games. “An abundance of cash in the money market due to the pandemic has also reflected positively upon gaming investments.”
In 2021, Trendyol, Getir, Dream Games, Tiko, Colendi, Libra Softworks, Picus Security, BluTV, Akinon, Servislet and RS Research were top fundraisers in Turkey. See the full list of leading tech deals here.
Modanisa, Insider, Good Job Games, Fugo Games, Alictus, Vivense, Meditopia, Marti, Paycore and Ace Games are seen as upcoming Turkish unicorns.
Q4 financials season at Borsa Istanbul: Deadlines - March 1 for unconsolidated, March 11 for consolidated and banks.
6 TURKEY Country Report February 2022 www.intellinews.com