Page 34 - TURKRptAug22

Isbank (subordinated)
XS2106022754
7.750%
$750
Jan 22, 2030(/25)
Yapi Kredi (YKBNK) (subordinated)
XS2286436451
7.875%
$500
Jan 15, 2021
Jan 22, 2031(/26)
Akbank (subordinated)
XS2355183091
6.80%
$500
Jun 15, 2021
Jun 22, 2031(/26)
Kuveyt Turk (sukuk/subordinated)
XS2384355520
6.125%
350
Sep 10, 2021
Dec 16, 2031
Sekerbank (SKBNK) (subordinated)
-
-
85
May 4, 2022
Jun 12, 2032 (2027)
Yapi Kredi (YKBNK) (subordinated)
XS1867595750
13.875%
$650
Jan 15, 2019
Perpetual(Jan 15, 2024)
Kuveyt Turk (sukuk/subordinated)
XS2028862998
9.13%
$200
Jul 16, 2019
Perpetual
Kuveyt Turk (sukuk/subordinated)
XS2227803819
9.95%
$50
Sep 28, 2020
Perpetual
8.2 International ratings
TURKEY
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Feb-21
Dec-21
Feb-22
Jul-22
Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3 (N)
B1 (N)
B1 (N)
B1 (N)
B1 (N)
B2 (N)
B2 (N)
B2 (N)
B2 (N)
B2 (N)
Fitch
BBB- (S)
BB (N)
BB (N)
BB (N)
BB- (N)
BB- (S)
BB- (N)
BB- (N)
BB- (S)
BB- (N)
B+ (N)
B (N)
S&P
BB- (S)
BB- (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (N)
B+ (N)
B+ (N)
Fitch Ratings rates Turkey at B/Negative, five notches below investment grade. Moody’s Rating Services rates Turkey at B2/Negative, five notches below investment grade, while Standard & Poor’s has Turkey at B+/Negative, four notches below investment grade.
More downgrades are on the way.
34 TURKEY Country Report August 2022 www.intellinews.com