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Turkish state-run lender Vakifbank has repurchased eurobonds with a nominal value of $5mn, the lender said on July 24 in a stock exchange filing. The debt matures in 2022 and bears the ISIN code XS0849728190. Adding the value of this transaction, the lender has bought back a total of $49mn worth of its 2022 eurobond. On June 25, the bank said it had completed the issuance of $150mn worth of 5-year eurobonds via private placement to qualified institutional investors abroad. The lender did not provide information on the cost of the paper. On March 21, Vakifbank said in a bourse filing that it sold $600mn worth of 5-year USD-denominated eurobonds with a coupon rate of 8.125%. Fitch Ratings rates Vakifbank at B+/Negative with its latest rating assessment recorded on July 19. Moody’s Investors Service rates the lender at B3/Negative with its latest recorded assessment dated June 18. Standard & Poor’s rates the bank at B+/Negative, with its latest recorded action last October. JCR Eurasia Credit Ratings rates Vakifbank at BBB-/Negative. Its latest assessment was made in March.
8.5.1 Fixed income - govt funding plans
Domestic Government Debt Auctions and Borrowing Program
(TRY bn)
Total
Public
Yield
Auction
Maturity
Paper
Bids
Sold
B
S
(%)
19-Mar
12/11/2019
266-day Zero Coupon (re-open)
3.9
2.8
0.6
0.6
19.97
19-Mar
01/10/2024
5-year CPI-indexed semi-annual (re-open)
3.2
2.6
0.5
0.5
3.89
26-Mar
08/12/2020
2-year fixed semi-annual (benchmark) (re-open)
3.8
3.3
1.8
1.8
19.39
26-Mar
08/06/2025
6-year floating semi-annual (re-open, 6.)
1.7
1.5
0.5
0.5
19.78
22-Apr
04/21/2021
2-year fixed semi-annual (benchmark) (new)
4.6
3.2
1.0
1.0
22.18
13-May
05/13/2020
364-day Zero Coupon (new)
10.1
7.2
1.3
1.3
26.12
13-May
01/10/2024
5-year CPI-indexed semi-annual (re-open)
4.6
3.5
0.7
0.7
4.25
56 TURKEY Country Report August 2019 www.intellinews.com