Page 10 - TURKRptNov21

● Eurobond auctions stopped in October. There are some small-cap candidates seeking chances, including Turk Eximbank, Sekerbank (SKBNK), Albaraka Turk (ALBRK), Guris Holding, Calik Holding, Istanbul Municipality, Aktif Yatirim Bankasi and Nurol Holding.
● NPLs, bailouts and debt restructuring queues continue.
● Snap polls: Erdogan is too frail and sick, say some observers. How the Erdogan regime will end is under discussion.
● The ultimate end: Turkey still has access to borrowing on the markets—though each instance of borrowing at these costs brings the country closer to the ultimate end, namely an economic and political surrender to an IMF programme.
A new version of the ruling AKP, working under an IMF programme is the likeliest potential major change you might see on the road ahead.
10 TURKEY Country Report November 2021 www.intellinews.com