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Fitch revised its Outlook on Turkey's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative.
Fitch Ratings rates Turkey at BB-/Stable, three notches below investment grade. Moody’s Rating Services rates Turkey at B2/Negative, five notches below investment grade, while Standard & Poor’s has Turkey at B+/Stable, also four notches below investment grade.
7.5 Fixed income
7.5.1 Fixed income - bond news
Low-cost carrier Pegasus Airlines issued Turkish lira (TRY) 150mn ($21mn) of 365-day bonds on February 11.
Following the restructuring, Global Liman’s papers will pay less than the current 8.125% coupon while revenues from the sale of Port Akdeniz in Antalya, southern Turkey, will be used to redeem some papers.
Upcoming eurobond redemptions by major Turkish issuers
Issuer
ISIN
Coupon
Volume (mn)
Issuance
Maturity
Treasury
JP579200ABF8
1.870%
JPY180bn
Mar 11, 2011
Mar 18, 2021
Treasury
US900123BH29
5.625%
$2,000
2010
Mar 30, 2021
Garanti
USM8931TAA71
6.250%
$500
Apr 20, 2021
Ziraat
XS1223394914
4.750%
$500
Apr, 2016
Apr 29, 2021
Vakifbank
XS1403416222
2.375%
€500
May 4, 2021
TSKB
XS1412393172
4.875%
$300
May 18, 2016
May 18, 2021
Treasury
XS1303467077
4.251%
$1,000
Jun 1, 2016
Jun 8, 2021
Isbank
XS1079527211
5.000%
$750
Jun 25, 2014
Jun 25, 2021
Halkbank
XS1439838548
5.000%
$500
Jul 13, 2021
Arcelik
XS1109959467
3.875%
€350
Sep 16, 2021
Eximbank
XS1028943089
5.000%
$500
Sep 23, 2014
Sep 23, 2021
34 TURKEY Country Report March 2021 www.intellinews.com
