Page 64 - TURKRptOct19

KRDMD
205
0.13
0.11
27-Nov
5.62
PETKM
872
462
28
-
0.00
0.00
-
0.00
source: seker invest
8.3.2 ECM news
Turkey’s main index of bank stocks jumped more than than 6% on September 27, prompting market speculation that international buyers were showing renewed interest in picking up shares in Turkish lenders amid hopes that their outlook was improving following a move by the banking regulator to force a clean-up of sour loans.
September saw Turkish shares record their best month since January. The 11% growth in the iShares MSCI Turkey ETF last month came with an
increase in volumes, both in the fund’s securities and its related options.
The benchmark Istanbul stock exchange BIST-100 Index moved up 8.6% in September, the most posted since a 14% jump in January.
“The main—some may argue the only—pillar supporting the Turkish market is its high real rates of return which, as global growth assumptions continue to lessen, make its currency an attractive carry-trade,” Julian Rimmer, a trader at Investec Bank in London, said in comments emailed to Bloomberg.
Turkey plans 2020 IPO for furniture company Istikbal seized because of ‘Gulenist links’. Turkey’s Savings Deposit Insurance Fund (TMSF) is planning a public offering at the end of 2020 for furniture company Istiklal, part of Boydak Holding which was seized by the government in the wake of the failed 2016 coup attempt. The company was seized because of claimed ties between its owners and self-exiled preacher Fethullah Gulen, whom Ankara claims orchestrated the aborted putsch, though Gulen denied it.
“Istikbal is one of the top 10 furniture producers in the world. It operates a network of 1,500 outlets and employs more than 6,000 people. The company exports its products to 46 countries,” said Muhiddin Gulal, the head of TMSF, without providing other details of the planned IPO.
According to Gulal, Boydak Holding operates in eight different sectors with a total of 34 companies.
The TMSF plans to change the name of the holding company, he added.
“The holding company’s revenues increased to TRY5.6bnn in the first half of this year from TRY4.6bn a year ago. Boydak’s revenue target for this year is TRY11bn,” Gulal said.
A total of 885 companies with combined assets of TRY60bn have to date been seized and transferred to the TMSF in the wake of the botched putsch.
The TMSF reported in July that the combined revenues of those seized companies had increased by 24% and their size of assets had grown 16% since they were taken over by the state.
The companies employ some 45,000 people.
8.4 International ratings
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Oct-19
Bond rating: Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3 (N)
B1 (N)
B1 (N)
B1 (N)
64 TURKEY Country Report October 2019 www.intellinews.com