Page 16 - bne_Magazine_February_2019

16 I Companies & Markets bne February 2019
bne:Funds
Big mortgage- backed securities move amid new ‘normal’ anomalies
bne IntelliNews
Turkish private lender Akbank has received regulatory approval from the Capital Markets Board of Turkey (SPK) to issue up to TRY1.5bn (€247mn) worth of mortgage-backed securities abroad, according to the SPK’s regular weekly bulletin released on December 6.
Akbank shares were up 3.01% d/d to TRY6.85 as of 16:00 local time on December 7 having fallen across the previous two work- ing days. The annual loss on Akbank shares stood at 20% y/y.
The Istanbul stock exchange benchmark BIST-100 index was up 0.87% d/d to 93,633, bringing the annual loss to 19%.
Shares in state-owned Halkbank gained 4.97% d/d to TRY7.39, down 18% y/y, after the state-controlled Anadolu Agency news service reported that New York prosecutors have withdrawn an appeal to extend the sentence of Hakan Atilla – Atilla is a former deputy general manager of Halkbank who was sentenced in May to 32 months in prison by a New York federal judge for his role in a scheme to evade US sanctions against Iran.
Meanwhile, the finance ministry announced on December 7 that Turkiye Kalkinma Bankasi (TKB) completed the issuance of TRY3.15bn (€521mn) worth of asset-backed paper based on mortgage-backed securities to be issued by state-owned lenders Ziraat Bankasi, Halkbank and Vakifbank and private lender Garanti Bankasi.
TKB did not file any announcement with the public disclosure platform (KAP) regarding its own issuance, while its shares were up 0.25% d/d to TRY31.80, bringing the annual gain to a bold 490%.
The 5-year paper with a fixed-coupon payment of three months attracted demand 2.43 times higher than the issue volume from 188 different qualified investors. The paper will be listed on the Borsa Istanbul (BIST), the finance ministry also said, without elaborating on any details of the investor composition.
JCR Eurasia Rating has assigned a long-term national rating of ‘AAA (Trk)’ and a long-term international local currency rating
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Nowadays on the Turkish markets it sometimes seems like you can have it both ways.
of ‘BBB-’ on the TKB paper, the lender said on November 29 in a bourse filing.
JCR was not among the targeted rating agencies when Moody’s Investor Services, Standard & Poor’s and Fitch Ratings, making up the “Big Three”, were subject to public scorn following the US subprime mortgage crisis in 2007.
$250mn of lease certificates from Eti Krom
Eti Krom received regulatory approval from the SPK to issue up to $250mn worth of tradable income-based lease certificates abroad via state-owned Islamic lender Vakif Katilim’s Katilim Varlik Kiralama. That news was also related by the SPK bulletin.
Turkish conglomerate Yildirim Group is the owner of Eti Krom, Turkey’s largest producer of chrome ore and also a manufacturer of high-quality high-carbon ferrochrome. The group is also an owner of Vargon Alloys AB, one of the oldest ferrochrome plants in Sweden and it is the world’s largest hard lumpy chrome ore producer as well as the world’s second largest high-quality high-carbon ferrochrome producer.
Separately, Denizbank, following its strong day on the stock market on December 6, had another strong day and became the largest lender on the BIST by market cap after its shares rose further by 12.46% d/d to TRY11.1, bringing the annual gains to 221%. Denizbank’s share price stood at just TRY4.86 on November 21 at the close.
Currently, Denizbank is also the second largest company on the BIST with a market cap of TRY32.73bn. That puts it just behind the country’s largest conglomerate Koc Holding, the market cap of which stands at TRY38.19bn.
Some 99.85% of Denizbank is owned by Russia’s Sberbank with only a small part of its shares on free-float, according to the pub- lic disclosure platform (KAP). Denizbank is subject to a delayed sale process under which Emirates NBD is to acquire 99.85% of it.
QNB Finansbank shares also rose on December 7, clocking up 7.77% d/d to a price of TRY7.77, bringing the annual gain to