Page 30 - TURKRptSep21

Jul-21
Kitopi (UAE)
-
-
Dogus
Fundraising
Jul-21
Trio Mobil
-
$2mn
212
Fundraising
5.3 External Debt
Major foreign loans obtained by Turkish borrowers
Total
Renewal
Tranche
Cost
Tranche
Cost
(mn)
Rate
Maturity
1
1
2
2
Aug-21
Central bank
$6,370
IMF
SDR
allocation
Aug-21
Socar Turkey
$1,300
40%
5-year
syndicated
Libor+3.45%
Euribor+3.45%
Aug-21
Akbank (AKBNK)
$300
Deutsche
repo
Aug-21
Central bank
$2,000
Korea
swap
3-year
Korean won
Aug-21
Macedonia
TRY100
Turkey
grant
military
Nato
Aug-21
Somalia
$30
Turkey
grant
Jul-21
Akbank (AKBNK)
$100
China
7-year
AIIB
Jul-21
Izmir Municipality
€125
EBRD
metro
Jul-21
FordOtosan(FROTO)
€650
2-grace
5/7-year
€325
Euribor+2.30%
€325
Euribor+2.45%
Jul-21
North.Cyprus(KKTC)
$500
Turkey
10-year
Libor
Jul-21
Istanbul M.
€4
EU
grant
Jul-21
Turkish Air. (THYAO)
-
Castle Lake
US
Jul-21
TSKB
$192
130%
367-day
$55
€116
Jul-21
Yapi Kredi (YKBNK)
€25
-
6-year
Green
for
Growth
Fund
Jul-21
Yapi Kredi (YKBNK)
€15
EFSE
6-year
Jul-21
Sasa (SASA)
$350
JPMorgan
12-year
2-year
grace
CESCE/Spain
Jul-21
Yapi Kredi (YKBNK)
$130
China
2-year
ICBC
6.0 FX
In 2021, the central bank has not sold reserves to intervene in the USD/TRY market via the backdoor. From November last year, portfolio inflows expanded “retail FX deposit accounts”, while the volumes registered in those accounts simultaneously declined when sharp portfolio outflows were observed following the firing of the "market friendly, hawkish" central bank governor in March.
The suspicion is that these FX deposit accounts are not actually FX, they are just FX-linked. Even the “retail accounts” simultaneously convert their deposits into Turkish lira when there are portfolio outflows; that won't help portfolio holders access real FX to flee Turkey.
Recently, the Turkish lira market has been far too calm, offering up that "calm before the storm" feeling. The transaction volumes are low. Substantial upward moves in the USD/TRY pair are easily evaded and the rate, as a result, floats downwards. However, the swings downward are also too limited.
All-in-all, Turkey’s so-often record-breaking currency has left half of August behind without creating any fresh records. If summer liquidity is left dry, with no
30 TURKEY Country Report September 2021 www.intellinews.com