by Amruth Sundarkumar | Nov 28, 2022 | Sovereign Bonds, Sovereigns
Turkey is said to be in the final stages of talks with Qatar for up to $10bn in funding via a swap, eurobond or any other method, as per sources. Of this amount, up to $3bn in funding could take place by end-2022. A source said that the an “amount of $8 billion...
by Amruth Sundarkumar | Nov 18, 2022 | Sovereign Bonds, Sovereigns
Dollar bonds of long-dated emerging market (EM) dollar bonds were down over 3% yesterday. Dollar bonds of sovereigns like Nigeria, Turkey, Colombia, South Africa and their like dropped. JPMorgan recently raised its outlook for emerging market hard-currency debt on...
by Amruth Sundarkumar | Oct 6, 2022 | Sovereign Bonds, Sovereigns
Turkey is planning to sell an offshore sukuk for the first since March, despite rising borrowing costs globally and a series of credit rating downgrades, the latest being a cut to B by S&P. According to Bloomberg, they have hired banks like Citigroup, Dubai...
by Amruth Sundarkumar | Oct 3, 2022 | Sovereign Bonds, Sovereigns
Turkey was downgraded to B from B+ with a stable outlook by S&P on weak monetary and fiscal policy, and low net foreign currency levels. S&P sees broader fiscal risks on the rise, as measured by the widening overall public deficit, and policymakers’ push...
by Amruth Sundarkumar | Sep 23, 2022 | Sovereign Bonds, Sovereigns
Turkey’s central bank, the CBRT cut its policy rate by 100bp, to 12% from 13%. This was its second consecutive surprise move after its 100bp August rate cut. Bloomberg notes that yesterday’s rate cut size was only anticipated by 5 of 22 analysts surveyed....
