Page 56 - TURKRptFeb20

Turkish issuers raised the lion’s share of $16bn via eurobond sales in 2019, with $10.6bn worth of eurobonds, equal to the whole amount raised in 2018, issued in the first quarter, according to Global Capital’s 2020 outlook.
CE issuers raised $44.5bn and EE raises $29.9bn via eurobond sales in 2019 in a decent year, up on 2018 but still behind the vintage 2017.
With global interest rates set to remain low, Turkey should still have access to international markets in 2020, according to Global Capital.
So far in 2020, three Turkish lenders have sold a combined $1.15bn worth of eurobonds. Coupon rates have shown significant declines compared to last year because of the latest wave of collective monetary easing.
Upcoming eurobond redemptions by major Turkish issuers
Issuer
ISIN
Coupon
Volume (mn)
Issuance
Maturity
Refinanced
Akbank
XS1111101314
4.000%
$500
Jan 23, 2015
Jan 24, 2020
-
Halkbank
XS0882347072
3.875%
$750
Feb 5, 2013
Feb 5, 2020
-
Vakifbank
XS1175854923
6.950%
$500
Feb 2, 2015
Feb 5, 2020
Early, 2025
TSKB
XS1219733752
5.125%
$350
Apr 22, 2015
Apr 22, 2020
January 16, 2020
Koc Holding
US49989AAA79
3.500%
$750
Apr 24, 2013
Apr 24, 2020
Mar 5, 2019
Isbank
XS1121459074
5.000%
$750
Oct 30, 2014
Apr 30, 2020
Jan 16, 2020
Yasar Holding
XS1132450427
8.875%
$172
Nov 6, 2014
May 6, 2020
-
Sisecam
US90016AAA88
4.250%
$300
May 9, 2013
May 9, 2020
Mar 20, 2019
Treasury
XS0503454166
5.125%
€2,000
2010
May 18, 2020
-
Treasury
US900123AX87
7.000%
$2,000
2005-2007
Jun 5, 2020
-
Mersin Port
XS0957598070
5.875%
$450
Aug 12, 2013
Aug 12, 2020
Nov 7, 2019
Treasury
JP579200AHQ2
1.810%
JPY60bn
Dec 1, 2017
Dec 7, 2020
-
Eximbank
XS1345632811
5.375%
$500
Feb 8, 2021
-
Halkbank
XS1188073081
4.750%
$500
Feb 11, 2021
-
Treasury
JP579200ABF8
1.870%
JPY180bn
Mar 11, 2011
Mar 18, 2021
-
Treasury
US900123BH29
5.625%
$2,000
2010
Mar 30, 2021
-
Garanti
USM8931TAA71
6.250%
$500
Apr 20, 2021
Ziraat
XS1223394914
4.750%
$500
Apr, 2016
Apr 29, 2021
-
TSKB
XS1412393172
4.875%
$300
May 18, 2016
May 18, 2021
-
Treasury
XS1303467077
4.251%
$1,000
Jun 1, 2016
Jun 8, 2021
-
Treasury
XS0993155398
4.350%
€1,250
Nov 5, 2013
Nov 12, 2021
-
On January 24, 2020 Akbank repaid $500mn in eurobonds (XS1111101314).
The next scheduled eurobond redemptions by Turkish issuers are scheduled for February 5 when government-run Halkbank will redeem $750mn and another government-run lender Vakifbank will repay $500mn in 10-year papers it recalled at the end of the fifth year.
State-run Vakifbank sold on January 29 $750mn USD-denominated eurobonds due February 2025, at 5.25%.
In March 2019, Vakifbank sold $600mn of 5-year paper at 8.125%.
56 TURKEY Country Report OUTLOOK 2020 www.intellinews.com