Page 39 - TURKRptDec20

7.4 ​International ratings
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Dec-20
Bond rating: Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3​
(​N​)
B1​
(N)
B1 (N)
B1 (N)
B1 (N)
B2​
(N)
B2 (N)
Bond rating: Fitch
BBB- (S)
BB​
(N)
BB (N)
BB (N)
BB-​
(N)
BB- (​S​)
BB- (​N​)
BB- (N)
BB- (N)
Bond rating: S&P
BB- (S)
BB- (S)
B+​
(S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
Fitch Ratings ​rates​ Turkey at BB-/Negative, three notches below investment grade. Moody’s Rating Services rates Turkey at B2/Negative, five notches below investment grade, while Standard & Poor’s has Turkey at B+/Stable, four notches below investment grade.
Moody’s second review for 2020 is scheduled for December 4.
7.5 ​Fixed income
Turkish Treasury's Eurobond Issues
Issue Date
Currency
Size
Maturity
Coupon (%)
Price
Yield (%)
Spread
Euro Cost (%)
Dec 2, 2020
USD
2.25bn
Jan 15, 2031
5.95
99.612
6.00
UST + 511.7bp
-
Oct 14, 2020
USD
2.5bn
Oct 14, 2025
6.375
99.894
6.40
UST + 608.7 bps
-
Feb 13, 2020
USD
2bn
13.03.2025
4.25
99.095
4.45
UST+298.5bps
3.319
Feb 13, 2020
USD
2bn
13.03.2030
5.45
98.457
5.45
UST+470bps
3.803
Nov 14, 2019
USD
2.5bn
14.11.2024
5.6
99.570
5.70
UST+407bp
3.319
Jul 10, 2019
USD
2.25bn
10.08.2024
6.35
99.563
6.45
UST+470bps
3.803
Mar 26, 2019
USD
1bn
26.04.2029
7.625
103.300
7.15
UST+454bp
4.859
Feb 21, 2019
USD
2bn
21.02.2022
5.8
100.000
5.80
MS+318bps
Sukuk
Jan 31, 2019
EUR
1.25bn
31.03.2025
4.625
99.360
4.75
MS+446bps
-
Jan 16, 2019
USD
2bn
26.04.2029
7.625
99.555
7.68
UST+497bp
4.965
39​ TURKEY Country Report​ December 2020 ​ ​www.intellinews.com