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The impact of “geopolitical tensions” in the financial markets are generally short-lived. However, the current situation is still shaky. Sanctions on Russia are continuously announced and this time they are not total nonsense.
Turkey’s 5-year credit default swaps (CDS), meanwhile, surpassed the 700-level on March 7, the highest figures seen since 2008. The yield on the Turkish government’s 10-year eurobonds reached 9.5%.
On February 16, the Turkish Treasury sold $3bn worth of 5-year sukuk papers.
On February 23, Bloomberg quoted unnamed sources as saying that Istanbul Municipality has mandated JPMorgan (New York/JPM), HSBC (London/HSBA), ING Bank (Amsterdam/INGA) and Societe Generale (Paris/GLE) to sell $260mn of 5-year eurobonds.
Akbank (AKBNK) recalled $500mn of 10-year subordinated (Tier II) eurobonds (XS1574750292/US00972BAB53), sold on March 15, 2017, and callable at the end of the fifth year. It will redeem the bonds on March 16.
Q4 financials season at Borsa Istanbul: Deadlines - March 1 for unconsolidated, March 11 for consolidated and banks.
7 TURKEY Country Report March 2022 www.intellinews.com
