Page 45 - TURKRptDec20
P. 45
Turkey’s outstanding eurobonds, meanwhile, have gained ground since the Erdogan administration switched to a different economic management track after the firing of the central bank governor and resignation of the finance minister, while 5-year credit default swaps (CDS) for Turkey saw 366bp on November 23.
Average daily trading volumes of Turkey’s sovereign eurobonds for November reached $490mn, the highest level since at least the start of 2019, Reuters reported on November 17.
Turk Eximbank on November 15 mandated its headquarters to sell up to $1bn worth of eurobonds.
On November 12, the Turkish Capital Markets Board (SPK) said that it had approved Calik Holding’s application to sell up to $100mn worth of eurobonds.
Calik has a $100mn FRN (floating rate notes) (XS1336606238) due December 2020.
Fitch affirmed Ulker Biskuvi (ULKER), the largest confectionery maker in Turkey, at BB-/Negative, three notches below investment grade in line with Turkey’s sovereign rating, following the placement of $650mn of 5-year eurobonds at 6.95%.
45 TURKEY Country Report December 2020 www.intellinews.com
