SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Moody’s Investors Service downgraded the Government of Turkey’s long-term issuer ratings from Ba3 to B1 late last week. The rating agency also downgraded the senior unsecured bond ratings of Hazine Mustesarligi Varlik Kiralama, the wholly owned SPV through which the Turkish Government issues Sukuk instruments.

The rating agency cited heightened risk of a government default driven by the ongoing balance of payments crisis as its rationale for the downgrade. This is the second downgrade for Turkey in the past year, with the previous downgrade in August 2018, when the country was facing a severe currency crisis.

Turkey’s sovereign bonds fell on news of the downgrade, with the longer-tenor bonds losing ~2 percentage points. Here’s a list of all Turkey sovereign bonds (USD and EUR denominated), which can be tracked conveniently via the BondEvalue Mobile App or WebApp.

 

Bond Price
13-Jun-19
Price
17-Jun-19
Change
Turkey 5.75% 2047 79.61 77.93 -2.1%
Turkey 6.625% 2045 86.97 85.33 -1.9%
Turkey 6.75% 2040 88.88 87.58 -1.5%
Turkey 6% 2041 82.41 81.22 -1.5%
Turkey 6.875% 2036 90.22 89.05 -1.3%
Turkey 8% 2034 101.23 100.07 -1.1%
Turkey 6.125% 2028 90.99 90.13 -0.9%
Turkey 7.375% 2025 100.44 99.50 -0.9%
Turkey 7.625% 2029 99.16 98.34 -0.8%
Turkey 3.25% 2023 89.35 88.64 -0.8%
Turkey 5.125% 2028 86.20 85.55 -0.8%
Turkey 7.25% 2023 100.43 99.68 -0.7%
Turkey 4.25% 2026 84.69 84.06 -0.7%
Turkey EUR 4.125% 2023 98.46 97.89 -0.6%
Turkey EUR 4.35% 2021 101.39 100.93 -0.5%
Turkey 6.25% 2022 99.18 98.74 -0.4%
Turkey 5.625% 2021 100.18 99.92 -0.3%
Turkey Sukuk 5.004% 2023 94.65 94.69 0.0%
Turkey Sukuk 5.8% 2022 98.59 98.63 0.0%
Turkey Sukuk 4.251% 2021 96.81 97.00 0.2%
Turkey Sukuk 4.489% 2024 89.17 89.36 0.2%

Note:All bonds denominated in USD unless stated otherwise.

 

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