Page 27 - TURKRptMar20

Oct-19
Vakifbank
$417
securitization
7-year
3-year grace
Oct-19
Istanbul
€86
AFD
Sep-19
Akbank
$810
83%
367
$402
Libor+2.25%
€374
Euribor+2.10%
Sep-19
Vakifbank
$140
China
1-year
Sep-19
TKYB
€14
KfW
20-year
Turkey’s external debt maturing within one year or less regardless of the original maturity, excluding obligations to foreign branches and affiliates, was down only by $5bn year on year, or 3%, to stand at $150bn at end-2019 compared with $155bn at end-2018, according to the latest data from the central bank.
The figure fell to as low as $146bn at end-November 2019 but rebounded 3% month on month in December.
A record high level of $164bn at end-February 2018 was achieved prior to the currency crash in August 2018.
According to the latest figures, the public sector is on the hook for a total of $30.5bn in foreign debt as of end-2019 (down from $31.7bn at end-2018), including $26.1bn owed by public banks (down from $27bn a year ago), across 2020.
The private sector, meanwhile, has obligations, excluding obligations to foreign branches and affiliates, to pay $118bn (down from $124bn at end-2018), including $49.9bn faced by private banks (down from $56.3bn) and $61.8bn by non-financial companies (up from $60.6bn).
Data suggests that Turkish real sector’s external debt, the country’s main woe following the currency crash, has not shown a recovery during the so-called “rebalancing” period.
External financing needs for 2020 remain high. The magnitude of the current account deficit to be added to this figure will depend on the direction of economic policymaking for the year.
27​ TURKEY Country Report​ March 2020 ​ ​www.intellinews.com