Page 30 - TURKRptNov22

Jun-22
Jun-22
Jun-22
May-22
Polat Enerji (AP Enerji)
Jul-22
ING Turkey
Government
QNB Finansbank (QNBFB)
Denizbank
Health Ministry
$100
$60
€50
$2
EBRD
Jun-22
Jun-22
Government
$449
€300
World Bank
100%
100%
TEFWER
367-day
grant
risk
367-day
TKYB
sharing
SOFR+2.75%
Women in Business (TurWib II)
SOFR+2.75%
364-day
€291
Euribor+2.10%
Jun-22
Denizbank
May Agro Tohumculuk
€12
World Bank
EBRD
European Union
IBRD
refugee deal
Jun-22
Jun-22
Netlog Lojistik
$50
€25
EBRD
6-year
Jun-22
Jun-22
Isbank (ISCTR)
$774
$453
EBRD
88%
120%
367-day
367-day
$257
$196
1-year grace
SOFR+2.75%
€204
€483
Euribor+2.10%
Chinese yuan 255mn
May-22
Panelsan (PNLSN)
Garanti BBVA (GARAN)
EBRD
TSKB
$594
$284
Euribor+2.10%
May-22
$500
$250
World Bank
10.5-year
5-year grace
COVID-19
vaccine
May-22
Health Ministry
Yapi Kredi (YKBNK)
Turk Eximbank
$811
$364
China
104%
118%
1-year
367-day
AIIB
$137
SOFR+2.75%
COVID-19
€504
vaccine
May-22
$745
91%
367-day
$350
$206
SOFR+2.75%
€432
Euribor+2.10%
QNB Finansbank (QNBFB)
May-22
€212
Euribor+2.10%
New loans extended by the European Bank for Reconstruction and Development (EBRD) to Turkey may decline to €1bn ($970mn) in 2022 from a record €2bn in 2021, EBRD President Odile Renaud-Basso has told Bloomberg.
The EBRD is the largest single-entity institutional investor in Turkey. Since 2009, it has invested €17bn in the country through 378 projects. Its €7bn outstanding portfolio in Turkey is the largest portfolio the EBRD has in terms of the 38 economies in which the development bank invests.
“We used to have access to the offshore lira market, and the regulations have made it impossible to access the local currency now,” Basso was quoted as saying.
Companies that do not have FX-denominated export revenues are affected the most as they are not qualified to obtain FX loans, she added.
For such companies, the EBRD provides lira loans and hedges its currency risks via the London offshore swap market.
Since 2018, when Turkey’s lira entered the first phase of its unprecedented collapse, the lira squeeze for foreigners has been followed by periodically booming lira costs on the London offshore swap market.
Turkish banks are informally ordered to cut the lira supply on the market to prevent foreign traders from shorting lira, particularly when the stress on the local currency is high.
In June, Turkey’s capital markets board (SPK) also ordered local banks to not market supranational bonds, namely lira bonds sold by foreign banks, to their customers. These papers are an alternative way to access lira.
30 TURKEY Country Report November 2022 www.intellinews.com