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Bond rating: Fitch BBB- (S) BB (N) BB (N) BB (N) BB- (N) Bond rating: S&P BB- (S) BB- (S) B+ (S) B+ (S) B+ (S)
8.4.1 International ratings - specific details of rating actions corp/regional etc
Fitch Ratings places Turkey at BB-/Negative, four notches below investment grade. Moody’s Rating Services rates Turkey at B1/Negative, four notches below investment grade, while Standard & Poor’s rates Turkey at B+/Stable, four notches below investment grade.
8.5 Fixed income
Non-residents' holdings of equity and government domestic debt securities ($ mn) (Market Value)
2017 2018 Jan Feb Mar Apr May Jun Jul Aug Sep
STOCK
Equity 51,984 29,563 35,260 34,684 29,339 27,995 26,382 28,832 31,345 28,727 31,589
GDDS 30,942 18,325 19,246 18,095 14,514 13,269 12,811 14,622 15,881 14,999 16,149
Repo 2,403 314 340 330 309 297 322 351 392 417 375 375 Private 959 612 591 501 543 489 473 492 465 440 453 453 NET TRANSACTIONS (Adjusted for Foreign Exchange and Market Price Effects)
Equity 3,191 -904 1,335 59 -517 -21 -196 192 -5 -418 163 592 GDDS 7,278 -906 -329 -377 -868 -489 -540 131 235 7 79 -2,151
Repo 271 -1,391 15 -4 15 5 24 -8 23 41 -67 44 Private 42 -343 -21 -90 42 -53 -16 19 -26 -25 12 -159 source: tcmb
8.5.1 Fixed income - bond news Turkish Treasury's Eurobond Issues in 2019
Issue Date
26.03.2019
Currency Size
USD 1bn
Maturity
26.04.2029
Coupon Rate (%)
7.625
Yield to Price Investor
(%) (%)
103.3 7.15
100 5.80 99.36 4.75 99.555 7.68
99.73 5.25 98.917 7.50 99.427 6.20
Yield to Investor Euro Cost (Spread) (%)
14.11.2018 EUR 23.10.2018 USD 24.04.2018 USD
1.5bn 16.02.2026 5.2 2bn 23.12.2023 7.25 2bn 24.10.2028 6.125
USD
(Sukuk) 2bn
UST + 454 bps
MS+318bps MS+446bps UST + 497bp
MS + 456.4 bp UST + 447.5 bp UST + 336.8 bp
4.859
4.965
21.02.2019
31.01.2019
16.01.2019
Turkish Treasury's Eurobond Issues in 2018
EUR 1.25bn USD 2bn
21.02.2022 31.03.2025 26.04.2029
5.8 4.625 7.625
65 TURKEY Country Report October 2019
www.intellinews.com
BB- (N) B+ (S)
So far 2019
31,589 16,149