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October 2019 www.intellinews.com I Page 4
coding to transmitted electronic messages so that Russian secret services can decipher them.
Immediately after the adoption of the law, the recruitment service LinkedIn refused to comply and was blocked, although many Russians use VPN clients to bypass the blocking. There have been threats against global tech giants, such
as Google, Facebook and Twitter, which so far haven’t complied with the legislation but wouldn’t openly refused to do so.
Unlike them, Telegram absolutely declined not to cooperate with the secret services, insisting it would contradict the service’s privacy policy.”
Subsequently, a Moscow court ruled to block access to Telegram, although there were reports at the time that Russian authorities and, specifically, secret services were scared by Durov’s plans to launch a cryptocurrency, TON, creating a major financial system as an alternative to those controlled by governments.
Turk Telekom bids to issue domestic paper worth up to billion lira
Akin Nazli in Belgrade
Turkey’s largest telco Turk Telekom (TTKOM) has applied to the Capital Markets Board (SPK) to issue up to Turkish lira (TRY) 1bn ($176mn) worth of local currency-denominated domestic debt securities, the company said on October 2 in
a stock exchange filing.
The paper will be sold in single or multiple tranches with different maturities of up to five years to qualified investors, with no public offerings.
Turk Telekom had a net debt of TRY 17.4bn as of end 1H19, while its short-term financial debt comprised of around 29% of its gross financial debt, Seker Invest said in its daily bulletin.
In July, Fitch Ratings downgraded Turk Telekom to BB-/Negative from BB+, following the sovereign downgrade.
In February, Standard & Poor’s affirmed Turk Telekom at BB-/Stable.
Turk Telekom is the leading integrated telco in Turkey. It operates the country's largest fixed
network and the smallest of its three mobile networks.
In February this year, Turk Telekom sold $500mn worth of 6-year eurobonds due 2025 at a coupon rate of 6.875% and a re-offer price of 99.396%.
In 2014, the company issued $1bn worth of senior unsecured eurobonds in two equal $500mn tranches with maturities of 5 and 10 years. It redeemed the 5-year papers in June this year.
In February this year, Turk Telekom allocated $20mn to repurchase the 10-year paper due 2024
Turk Telekom Net Income