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5-year credit default swaps (CDS) hit 680bp in April.
Garanti bank, 49.85%-owned by Spanish BBVA, has launched a eurobond buyback programme worth up to $350mn.
The lender will buy back up to:
$100mn worth of London Stock Exchange-listed papers due 2021 (6.25% coupon, ISIN: USM8931TAA71 and US900148AA51, outstanding amount: $500mn),
up to $150mn worth of London-listed papers due 2022 (5.25% coupon, ISIN: USM8931TAF68 and US900148AD90, outstanding amount: $750mn),
and up to $100mn worth of Irish Stock Exchange-listed papers due 2023 (5.875% coupon, ISIN: XS1576037284 and US90014QAB32, outstanding amount: $500mn).
Fitch Ratings rates the Turkish bank, known as Garanti BBVA, at B+/Stable, four notches below investment grade, while Moody’s Investors Service sees the lender at B3/Negative, six notches below investment grade.
On April 17, TF Varlik Kiralama said in a stock exchange filing that it has cancelled plans to issue Malaysian ringgit (MYR) 3bn (€629mn) worth of sukuks in Malaysia, without providing any specific reason.
TF is a unit of Islamic lender Turkiye Finans. It in turn is majority-owned by
45 TURKEY Country Report May 2020 www.intellinews.com
