Page 19 - TURKRptMar21 2

As a result, the shortage in the net reserves excluding swaps declined by $3bn to $45bn on February 5 from $48bn at end-October.
In January, we noted: “If the central bank saves $2bn each month via its rediscount export credits and Botas transactions, it would recover the $139bn in reserves it burnt through in defending the lira in around 70 months. In less than 25 months, its net reserves excluding swaps would turn positive.”
From end-October to February 5, local banks also increased their FX at foreign banks by $8bn to $26bn.
5.2 FDI
Foreign direct investment (FDI) flew to Turkey decreased 17% y/y to $8bn in 2020.
Non-residents' direct capital investments in Turkey reached $5.7bn, down from $5.9bn in 2019.
Italy led capital investments in Turkey with $977mn, followed by the US with $798mn and the UK with $693mn.
Finance was the favourite sector of foreign investors last year. It attracted $1.39bn of investments. Information and communication was the second most popular sector, with $1.37bn.
Eight companies went public on the Borsa Istanbul in 2020 and the combined size of their IPOs amounted to TRY1.1bn.
Major M&As in Turkey
Date Sold
Apr-21 26MW Tortum hydro Feb-21 Tarfin
Feb-21 Avivasa (AVISA) Feb-21 Teknofix
Stake Price
full on sale
- TRY46mn
40% GBP122mn 100% -
Buyer
privatisation call
Pasha/Azerbaijan
Ageas/Belgium Webhelp/France Koray REIT Jubilant/India Isbir
Alesta, Sertac Ozinal
Soke Un(Mediterra/Netherlands) Tmob
Makel
Semih Kocak unknown
HR Bank/UK Omer Erkmen
Seller
OIB/EUAS
Fundraising
Aviva/UK
-
Yapi Kredi Bank (YKBNK) Turkven
Indian partner
Funraising
- -
Hymer- Leichtmetallbau/Germany
Fundraising
Inter RAO/Russia Tarshish(Israel)-C Faktor. Fundraising
Feb-21 YapiKrediKorayREIT(YKGYO) 30.45% TRY30mn
Feb-21 DP Eurasia (DPEU/London)
Feb-21 Isbir Mewar/India
Feb-21 Malwation
Feb-21 Ulusoy Un (ULUUN) Feb-21 Mowico
Feb-21 Farhym Otomotiv Feb-21 Legna Medikal Feb-21 Akkuyu Nuclear Plant Feb-21 Bankpozitif
Feb-21 makromusic
32.81% GBP24.8mn 50% -
- -
- - full $1.6mn
full
- 0.82%
-
- RUB1bn
100% - - -
19 TURKEY Country Report March 2021
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