Page 19 - bne IntelliNews monthly magazine December 2023

bne December 2023 Companies & Markets I 19
The port handles dry bulk, liquid bulk, containers and ro-ro cargoes. It also hosts ferryboat services carrying passengers between Turkey’s Mersin province and Northern Cyprus.
It has a number of tenants, including a vegetable oil company, grain storage company, soda ash facility and a petrol station.
Singapore-based PSA International has a 51% stake in MIP while Australia-based IFM Investors has 39% and Turkish conglomerate Akfen Holding holds the remaining 10%.
In 2005, PSA-Akfen consortium placed a winning bid of $755mn in the concession tender for the operating rights of the port.
In 2017, Akfen sold its 40% stake in MIP to IFM for a consideration of $869mn.
Many tonnes of cocaine are regularly intercepted at Mersin Port. On October 27, 610 kg of cocaine was seized at the port.
Looking at the global markets, there is no turbulence of note
impacting sentiment. Turkey’s five-year credit default swaps (CDS) remain below the 400-level, while the yield on the Turkish government’s 10-year eurobonds remains below the 9%-level.
The USD/TRY rate is, meanwhile, still heading north. On September 21, the pair once again broke through the horizontal barrier set at the 27.00-level. The latest record high, registered on November 10, is 28.8050.
The Turkish government’s ‘five/10 kurus (Turkish cents, pronounced as kurush) devaluation per day policy’ in the struggle to stop the slide is still in place. As of November 14, the latest daily trench was being dug around the 28.65-level, up 3% m/m and 55% y/y.
Following the local elections to be held in March, Turkey’s policy rate will reach its peak. The finance industry will then be welcomed in for the rate-cutting party.
So far this year, Turkish issuers have sold a total of $16bn worth of eurobonds across 16 papers.
Major eurobond issues by Turkish issuers
Issuer
ISIN
Coupon
Volume (USD mn)
End of placement
Maturity
UST+
CDS+
Mersin Port
QNB Finansbank (QNBFB) (subordinated)
Treasury (sukuk)
Ziraat Katilim (sukuk)
Eximbank
We Soda (UK/Ciner)
Arcelik (ARCLK)
TSKB (TSKB)
Yapi Kredi Bank (YKBNK)
Vakifbank (VAKBN)
Akbank (subordinated)
Treasury
Treasury
Ziraat Bank
Eximbank
Treasury
US590454AC80
XS2678233243
XS2689091846
XS2699906512
XS2692231975
US92943TAA16
XS2695038401
XS2678232781
XS2445343689
XS2677517497
XS2611752317/ XS2611752663/ XS2611747234
US900123DJ66
US90014TAJ07
XS2581381634
XS2395576437
US900123DG28
8.25%
10.75%
8.51%
9.375%
9.00%
9.50%
8.50%
9.375%
9.25%
9.00%
9.60%
9.125%
9.375%
9.50%
9.375%
9.375%
600
300
2,500
500
500
800
400
300
500
750
300
2,500
2,250
500
500
2,750
Nov 8, 2023
Nov 9, 2023
Nov 7, 2023
Nov 6, 2023
Oct 25, 2023
Sep 28, 2023
Sep 25, 2023
Sep 19, 2023
Sep 13, 2023
Sep 12, 2023
Jul 25, 2023
Apr 13, 2023
Mar 8, 2023
Jan 25, 2023
Jan 24, 2023
Jan 11, 2023
Nov 15, 2028
Nov 15, 2033 (/28)
Jan 14, 2029
Nov 12, 2026
Jan 28, 2027
Oct 6, 2028
Sep 25, 2028
Oct 19, 2028
Oct 16, 2028
Oct 10, 2028
Jul 25, 2033(/28)
Jul 13, 2030
Mar 14, 2029
Aug 1, 2026
Jan 31, 2026
Jan 19, 2033
374 459
613 705
394 491
476 570
341 496
488 565
393 467
487 550
486 550
464 527
574 525
597 396
517 393
566 410
552 387
619 427
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