Page 37 - TURKRptSep21

investment grade
Stable
Stable
Romania, AEFES, CCOLA
Stable
AEFES
Negative
Romania
Negative
Negative
Romania
One notch below investment
Ba1
Positive
BB+
Positive
Arcelik (upcoming papers)
BB+
Positive
Stable
Stable
Stable
Negative
Negative
Negative
Two notches below investment
Ba2
Positive
BB
Positive
BB
Positive
Arcelik (upcoming papers)
Stable
Georgia
Stable
Stable
Arcelik (ARCLK)
Negative
Negative
Arcelik (ARCLK), Georgia
Negative
Georgia
Three notches below investment
Ba3
Positive
BB-
Positive
BB-
Positive
Stable
Stable
Stable
Turkey, Uzbekistan
Negative
Negative
Uzbekistan
Negative
Four notches below investment
B1
Positive
B+
Positive
B+
Positive
Stable
Uzbekistan
Stable
Turkey
Stable
EXIMB, AYDEM
Negative
Negative
Negative
Akbank
Five notches below investment
B2
Positive
B
Positive
B
Positive
Stable
Stable
Ukraine, Aydem
Stable
Ukraine
Negative
Turkey, AEFES, AKBNK, EXIMB
Negative
Negative
Six notches below investment
B3
Positive
B-
Positive
B-
Positive
Stable
Turkey, Ukraine
Stable
Stable
Zorlu
Negative
Negative
Negative
Almost default
Caa1
CCC+
CCC
Caa2
CCC
Caa3
CCC-
7.5 Fixed income
7.5.1 Fixed income - bond news
Major eurobond issues by Turkish issuers
Issuer
ISIN
Coupon
Volume (USD mn)
End of placement
Maturity
UST+
Aydem (AYDEM)
US054644AA72
7.75%
750
Jul 26, 2021
Feb 2, 2027
702
Hyundai Assan
XS2362559481
1.63%
300
Jul 6, 2021
Jul 12, 2026
82
Awaited eurobond auctions by major Turkish issuers
Up to USDbn
Sold
Type
Aug 10, 2021
Eximbank
Board mandate
1
-
eurobond
Jul 8, 2021
Isbank
SPK Approval
€0.30
-
mortgage-backed
Jul 1, 2021
Garanti (GARAN)
SPK Approval
€0.40
-
mortgage-backed
37 TURKEY Country Report September 2021 www.intellinews.com