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7.3.3 ECM news
                 Norway’s sovereign wealth fund, Norges Bank Investment Management, bought a 7.7% stake in Turkish confectionery maker Kervan Gida (KRVGD) during the company’s initial price offering (IPO) for TRY36mn.
A man named Cem Okullu earned 50%, or TRY134mn, in profit from TSKB in 50 days, while he earned TRY20mn profit from his Petkim trades in a single day on December 4, Yunus Kaya of Alnus Invest wrote on Twitter.
Sabanci Holding, Turkey’s second largest industrialist group, decided to increase the free float rate of its retail unit Carrefoursa to 5% from 3.4%.
S&P Global Platts’ index measuring deepsea Turkish import steel scrap prices (premium heavy melting scrap 1/2) was up by $5/mt d/d to $385/mt on December 9, the highest level recorded since September 2014, S&P reported on December 9.
UK-based Mondi agreed to acquire 90.38% of the outstanding shares in the Istanbul-listed Olmuksan and, following completion, plans to launch a mandatory tender offer to acquire the remaining 9.62% held by minority shareholders.
               Share buy-back announcements by BIST companies
                     TRYmn
            12/4/2020
          Sasa
           200
          SASA
       1/13/2020
  Vakifbank
  0.5
  Vakifbank D
        12/25/2019
          Isbank
          300
         SISE, TSKB, ANHYT, ISFIN.TI, ISGYO, ISMEN
   7.4 International ratings
     TURKEY - Rating agency
        Jun-18
         Jul-18
        Aug-18
          Jun-19
     Jul-19
          Nov-19
      Aug-20
        Sep-20
         Feb-21
   Bond rating: Moody’s
 Ba2 (UR)
 Ba2 (UR)
    Ba3
  (N)
   B1
   (N)
B1 (N)
   B1 (N)
B1 (N)
   B2
   (N)
  B2 (N)
   Bond rating: Fitch
   BBB- (S)
   BB
  (N)
 BB (N)
   BB (N)
   BB-
   (N)
     BB- (S)
  BB- (N)
  BB- (N)
    BB- (N)
   Bond rating: S&P
     BB- (S)
    BB- (S)
     B+
   (S)
   B+ (S)
   B+ (S)
     B+ (S)
    B+ (S)
    B+ (S)
       B+ (S)
                    Fitch Ratings rates Turkey at BB-/Negative, 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.
Fitch downgraded Oyak by one notch to BB-/Negative.
     7.5 Fixed income
       Major eurobond issues by Turkish issuers
      Issuer
      ISIN
         Coupon
      Volume (USD mn)
   End of placement
      Maturity
        UST+
      Ziraat Bank
                     5.375%
           600
        Jan 26, 2021
         Mar 2, 2026
          496
      Treasury
  US900123DB31
   4.75%
  1,750
 Jan 26, 2021
  Jan 26, 2026
   445
       Treasury
         US900123DC14
          5.875%
          1,750
       Jan 26, 2021
        Jun 26, 2031
          486
   33 TURKEY Country Report February 2021 www.intellinews.com
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