Turkish corporates daily report

26/01/2015
Monday
TURKEY CORPORATE AND SOVEREIGN EUROBONDS RUN (*)
ISSUER
REPUBLIC OF TURKEY
AKBANK TAS
YAPI(UNICREDIT LUXEMB)
YUKSEL INSAAT
TURKIYE IS BANKASI A.S
TURKIYE GARANTI BANKASI
FINANSBANK AS
REPUBLIC OF TURKEY
KT SUKUK VARLK KIRALMA A
EXPORT CREDIT BANK OF TU
YAPI VE KREDI BANKASI
TURKIYE VAKIFLAR BANKASI
REPUBLIC OF TURKEY
TURKIYE HALK BANKASI
TURKIYE GARANTI BANKASI
AKBANK TAS
FINANSBANK AS
TURKIYE IS BANKASI A.S
TUPRAS-TURKIYE PETROL RA
TF VARLIK KIRALAMA AS
AKBANK TAS
BANKPOZITIF KREDI VE KAL
TURKIYE GARANTI BANKASI
AKBANK TAS
REPUBLIC OF TURKEY
TURKIYE VAKIFLAR BANKASI
AK FINANSAL KIRALAMA AS
COCA-COLA ICECEK URETIM
TURKIYE IS BANKASI A.S
TURKIYE VAKIFLAR BANKASI
YAPI VE KREDI BANKASI AS
REPUBLIC OF TURKEY
TURKIYE IS BANKASI A.S
TF VARLIK KIRALAMA AS
EXPORT CREDIT BANK OF TU
FINANSBANK AS
COUPON
7.25
5.125
5.1875
9.5
5.1
2.7566
5.5
7
5.875
5.375
6.75
5.75
7.5
4.875
4
3.875
5.15
3.875
4.125
3.95
7.5
5
7.375
6.5
6.75
3.75
4.125
4.75
3.75
5
5.25
7
5.5
5.375
5.875
6.25
MATURITY
15/03/2015
22/07/2015
13/10/2015
10/11/2015
01/02/2016
20/04/2016
11/05/2016
26/09/2016
31/10/2016
04/11/2016
08/02/2017
24/04/2017
14/07/2017
19/07/2017
13/09/2017
24/10/2017
01/11/2017
07/11/2017
02/05/2018
02/05/2018
05/02/2018
07/02/2018
07/03/2018
09/03/2018
03/04/2018
15/04/2018
17/04/2018
01/10/2018
10/10/2018
31/10/2018
03/12/2018
11/03/2019
21/04/2019
24/04/2019
24/04/2019
30/04/2019
CURRENCY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
TRY
USD
TRY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
S&P
RATING
NR
MOODYS'
RATING
Baa3
Baa3
BB+
NR
BB+
NR
WR
Baa3
Baa3
Ba2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Ba2
Baa3
Ba1
Baa3
NR
NR
BB+
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Ba2
Page 1
FITCH
RATING
BBBBBBBBB
WD
BBBBBB- /*+
BBBBBBBBB
BBB
BBBBBBBBBBBB- /*+
BBBBBBBBBBBBBBB
BBBBBBBBB- /*+
BBBBBBBBBBBBBBB
BBBBBBBBB
BBBBBBBBB
BBB-
Z SPREAD
CHANGE
BID
ASK
BID YTM
ASK YTM
BID
ASK
BID P
ASK P
100.795
100.91
0.99
0.12
74
-13
0.03
-0.06
101.326 101.816
2.33
1.32
206
105
-0.03
-0.03
101.761 102.187
2.66
2.06
234
174
0.06
-0.01
50
55
127.11
107.70 12677 10736
0.00
0.00
102.444 103.083
2.62
1.99
221
158
-0.02
-0.03
99.833 100.782
2.90
2.12
263
186
0.04
-0.03
102.501 103.151
3.49
2.98
299
248
0.05
0.00
108.47
108.78
1.79
1.61
116
98
-0.03
-0.11
104.643
105.88
3.13
2.43
247
177
0.15
-0.01
104.441 105.118
2.78
2.40
211
173
0.02
-0.02
106.455 107.176
3.43
3.07
267
232
-0.01
-0.03
104.661 105.284
3.56
3.28
274
246
0.01
-0.03
111.995
112.32
2.44
2.31
155
142
0.00
-0.04
102.869 103.494
3.65
3.39
275
249
0.01
-0.01
101.682 102.358
3.32
3.06
237
210
0.05
0.02
101.625 102.303
3.25
2.99
226
200
0.03
0.04
102.402
103.21
4.22
3.91
322
292
0.01
0.00
101.118 101.761
3.45
3.21
245
220
0.04
0.03
99.525 100.583
4.28
3.93
315
280
0.04
-0.01
100.599 101.435
3.75
3.48
262
235
0.08
0.08
95.746
97.012
9.14
8.64
82
4
-0.08
-0.08
99
100
5.36
5.00
429
393
0.00
0.00
95.006
96.554
9.26
8.66
93
7
-0.01
0.06
108.766 109.515
3.50
3.26
242
217
0.02
0.05
112.035 112.455
2.77
2.64
167
154
-0.03
-0.03
99.021
99.708
4.08
3.85
296
273
0.00
0.00
99.957 100.961
4.14
3.80
302
269
0.02
0.05
105.844 106.664
3.06
2.83
184
161
-0.02
-0.08
99.528 100.159
3.89
3.70
266
248
0.01
-0.03
102.751 103.462
4.20
4.00
297
276
-0.01
-0.01
103.753 104.463
4.18
3.99
294
274
0.04
0.02
115.29 115.705
3.02
2.92
174
163
0.01
0.00
104.922 105.628
4.22
4.04
290
272
0.00
0.00
104.656 105.392
4.16
3.98
285
266
0.05
0.03
106.916 107.629
4.08
3.90
277
259
0.03
0.00
104.143 104.968
5.15
4.94
384
362
0.01
-0.02
Maxis Investments Limited.
26/01/2015
Monday
TURKEY CORPORATE AND SOVEREIGN EUROBONDS RUN (*)
ISSUER
TURKIYE HALK BANKASI AS
TURKIYE VAKIFLAR BANKASI
TURK TELEKOMUNIKASYON AS
KT KIRA SERT VARLIK
ALBARAKA TURK KATILIM BA
TC ZIRAAT BANKASI AS
TURKIYE GARANTI BANKASI
ALTERNATIFBANK AS
TURKIYE GARANTI BANKASI
YAPI VE KREDI BANKASI AS
TURKIYE SINAI KALKINMA B
YAPI VE KREDI BANKASI
KOC HOLDINGS AS
TURKIYE IS BANKASI A.S
TURKIYE HALK BANKASI
YASAR HOLDINGS
REPUBLIC OF TURKEY
TURK SISE VE CAM FABRIKA
MERSIN ULUS LIMAN
REPUBLIC OF TURKEY
TURKIYE GARANTI BANKASI
TURKIYE IS BANKASI A.S
GLOBAL LIMAN ISLETMELERI
TURKIYE GARANTI BANKASI
REPUBLIC OF TURKEY
AKBANK TAS
TURKIYE IS BANKASI A.S
TURKIYE VAKIFLAR BANKASI
ANADOLU EFES
YAPI VE KREDI BANKASI
REPUBLIC OF TURKEY
ASYA SUKUK CO LTD
ARCELIK AS
ALBARAKA TURK KATILIM
TURKIYE IS BANKASI A.S
REPUBLIC OF TURKEY
TURK TELEKOMUNIKASYON AS
COUPON
4.75
3.5
3.75
5.162
6.25
4.25
3.375
3.125
4.75
5.125
5.375
4
3.5
5
3.875
8.875
7
4.25
5.875
5.625
6.25
5
8.125
5.25
6.25
5
6
6
3.375
5.5
3.25
7.5
5
7.75
7.85
5.75
4.875
24/04/2019
04/06/2019
17/06/2019
19/06/2019
26/06/2019
30/06/2019
03/07/2019
08/07/2019
22/07/2019
17/10/2019
22/10/2019
30/10/2019
22/01/2020
24/04/2020
30/04/2020
05/02/2020
06/05/2020
05/06/2020
09/05/2020
12/08/2020
30/03/2021
20/04/2021
25/06/2021
14/11/2021
13/09/2022
26/09/2022
24/10/2022
24/10/2022
01/11/2022
01/11/2022
06/12/2022
23/03/2023
28/03/2023
03/04/2023
07/05/2023
10/12/2023
22/03/2024
19/06/2024
CURRENCY
USD
EUR
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
S&P
RATING
MOODYS'
RATING
Baa3
Baa3
FITCH
RATING
BBBBBBBBBBBB
Baa3
Baa3
BBBBBB- /*+
A
BBB- /*+
BBB
BBBBBB
BBBBB
BBB-
NR
BB+
NR
NR
BBB-
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
B2
Baa3
Ba1
Baa3
Baa3
Baa3
Baa3
B1
Baa3
Baa3
Baa3
Ba2
Ba2
Baa3
Ba2
Baa3
C
BB+
B
BBBBBBB
BBBBBBBBBBBB- /*+
BBBBBBBB- /*+
BBBBBBBB+
BB+
BBBBBBBB+
Ba2
Baa3
BBB-
Page 2
BB+
BBBBBB-
Z SPREAD
CHANGE
BID
ASK
BID YTM
ASK YTM
BID
ASK
BID P
ASK P
101.577
102.3
4.35
4.17
301
282
-0.01
-0.03
101.43
102.19
3.14
2.96
291
272
0.02
0.02
100.692
101.46
3.58
3.39
223
203
-0.03
-0.05
105.095
105.81
3.89
3.72
255
237
-0.01
-0.02
100.122 101.105
6.22
5.96
488
462
-0.06
-0.14
100.121 100.948
4.22
4.01
286
265
-0.03
-0.04
101.994 102.758
2.89
2.70
265
246
0.09
0.13
99.607 100.386
3.22
3.03
185
165
0.02
-0.02
102.545 103.257
4.15
3.98
275
258
0.12
0.11
102.752 103.435
4.47
4.31
307
291
0.03
0.01
103.277 104.026
4.60
4.43
320
302
0.00
-0.07
97.839
98.577
4.49
4.32
304
287
0.09
0.07
97.226
98.115
4.09
3.90
261
241
-0.10
-0.12
102.356 102.971
4.49
4.36
301
288
0.02
0.00
96.754
97.567
4.61
4.42
315
296
0.00
-0.04
103.352 104.882
8.08
7.73
664
625
-0.07
-0.11
117.395
117.85
3.41
3.33
194
185
-0.09
-0.09
98.181
99.212
4.64
4.42
316
293
0.01
0.00
106.523 107.812
4.53
4.28
308
270
-0.04
-0.06
111.258 111.941
3.57
3.46
199
187
0.05
0.06
109.414 110.188
4.50
4.36
292
278
0.07
0.02
101.933 102.583
4.65
4.53
304
291
0.06
0.04
76.32
80.173
13.56
12.54 1197
1094
0.09
-0.58
104.069 104.872
4.61
4.49
289
276
0.10
0.08
116.095 116.782
3.81
3.71
209
199
0.08
0.04
102.746 103.509
4.57
4.46
284
272
0.03
-0.03
101.798 102.682
5.71
5.57
399
385
0.06
-0.01
100.359 101.303
5.94
5.79
422
406
0.03
0.05
90.745
91.724
4.82
4.66
307
290
-0.10
-0.16
96.946
97.847
5.99
5.84
426
411
0.03
-0.04
97
97.5
3.68
3.61
189
182
-0.03
-0.14
51.165
58.346
20.13
17.49 3266
2715
0.00
0.00
97.248
98.184
5.42
5.28
366
351
-0.03
-0.05
98.593
99.598
7.98
7.81
626
608
0.11
-0.07
112.784 113.716
5.97
5.84
420
407
0.13
0.04
114.157 114.822
3.89
3.81
207
199
-0.01
0.08
102.019 102.786
4.61
4.51
276
266
-0.01
0.00
Maxis Investments Limited.
26/01/2015
Monday
12.00
TURKISH BANKS & SOVEREIGN YIELD CURVE (Duration vs Mid YTM)
11.00
10.00
9.00
8.00
ALBRK23 B
YASARH20 B
7.00
YTM (%)
ALBRK19 BB
6.00
VAKBN22 BB+
ISCTR22 BB+
BNKPOZ18 BBB-
ISCTR23
YKBNK22
BBB- BB+
ACKAF23 BB+
FINBN19 BBB-
5.00
HALKBK20 BBB-
GARAN22 BBB- /*+
YKBNK20 BBB
ISCTR21 BBBSISETI20 BB+
YKBNK19 BBB TSKBTI19 BBBISCTR20 BBB- GARAN21 BBB- /*+
HALKBK19 BBBAKBNK22 BBBYKBNK18
BBB ISCTR19
TUFIKA19
BBB BBBFINBN17 BBBKCHOL20 BBBBBBVAKBN18
TUPRST18
BBBBBB- VAKBN18 TCZIRA19
BBBGARAN19 BBB- /*+
AKBNK18
BBBEXCRTU19
BB+
HALKBK17 BBB- TUFIKA18 BBB
ISCTR18 BBBTURKEY22 BBBTURKTI19 BBBAKBNK18
ISCTR17
BBB- BBBTURKEY21 BBBYKBNK17 BBB VAKBN17 BBBALNTF19 A BBBAKBNK17 BBBTURKEY20
TURKEY19
BBBGARAN17 BBB- /*+
CCOLAT18 BBB
MERSIN20 BBB-
4.00
FINBN16 BBB-
3.00
YKBNK15 BBB
GARAN16 BBB- /*+
EXCRTU16
BB+
KFINKW16
BBB
TURKTI24 BBB-
TURKEY24 BBBTURKEY23 BBB-
TURKEY18 BBBTURKEY17 BBB-
ISCTR16 BBB-
2.00
AEFES22 BBB-
AKBNK15 BBBTURKEY16 BBB-
1.00
TURKEY15 BBB-
0.00
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
7.50
8.00
Duration (years)
Page 3
Maxis Investments Limited.
26/01/2015
Monday
TURKEY CORPORATE VS EM TOTAL RETURNS 1Y (%)
JCBBTU Index: JPMorgan Corporate Broad EMBI Turkey Index ,JCBBCEEM Index: JPMorgan Corporate Broad EMBI CEEMEA Index,JPEGCOMP Index: JPMorgan Emerging Markets Bond Index EMBI
Global Composite,JPEGTU Index: JPMorgan Emerging Markets Bond Index EMBI Global Turkey,JCBBCOMP Index: JPMorgan Corporate Broad EMBI Composite Index
CHANGE (%)
1 Day
Week to Date
Month to Date
Year to Date
5 Years
JPM CEMBI Broad Composite Inde
0.64
0.81
0.51
0.51
34.66
JPM CEMBI Broad Turkey
0.33
0.33
1.27
1.27
47.81
JPM CEMBI Broad CEEMEA Index
0.84
1.27
1.69
1.69
32.21
JPM CEMBI Broad Africa Index
0.58
0.57
0.24
0.24
37.64
JPM CEMBI Broad Asia Index
0.56
0.52
0.64
0.64
JPM CEMBI Broad Europe Index
1.23
2.06
1.90
1.90
25.26
JPM CEMBI Broad Latin America
0.58
0.82
-0.49
-0.49
31.57
JPM CEMBI Broad Mideast Index
0.29
0.21
1.76
1.76
Broad Financial Index
0.56
0.68
0.93
Broad Industrial Index
0.47
0.82
Broad Metals & Mining Index
0.85
1.91
0.41
0.41
30.06
Broad Oil & Gas Index
1.12
1.35
-0.21
-0.21
26.04
Broad Consumer Index
0.27
0.32
0.64
0.64
41.24
Broad Utilities Index
0.30
0.19
0.96
0.96
39.94
JPMorgan EMBIG Composite
0.87
0.83
0.36
0.36
41.60
JPMorgan EMBIG Turkey
0.83
0.69
2.26
2.26
49.83
-0.09
1.40
2.66
2.66
16.75
JPMorgan GBI-EM Global Composi
38.41
45.49
0.93
29.26
0.16
45.49
EMBI Broad Index: CEMBI Broad Index is a market capitalization weighted total return index consisting of US denominated Emerging market corporate bonds.Please note that quasi sovereign bonds are not included in this index.
EMBI Global ( EMBIG): This total return index includes only USD denominated sovereign and quasi sovereign emerging markets debt.The other indices are sub-sectoral or sub- regional indices of EMBIG and CEMBI.
Page 4
Maxis Investments Limited.
Prepared By Trading & Institutional SalesTeam
Contact Information:
Trading & Institutional SalesTeam
Sales Team
Tuncer Ali Cam (Associate Director)
Tel:+44 207 726 3320 Fax: +44 207 7263 321
E-mail: [email protected]
Can Atalay (Vice President)
Tel:+44 207 726 3328 Fax: +44 207 726 3319
E-mail: [email protected]
Muhammed Demir (Vice President)
Tel:+44 207 726 3314 Fax: +44 207 7263 315
E-mail: [email protected]
Dilan Anli (Senior Associate)
Tel:+44 207 726 3322 Fax: +44 207 726 3319
E-mail: [email protected]
Ulas Ozturk (Senior Associate)
Tel:+44 207 726 3326 Fax: +44 207 7263 315
E-mail: [email protected]
Aras Guvenc (Associate)
Tel:+44 207 726 3340 Fax: +44 207 7263 313
E-mail: [email protected]
DISCLAIMER / WARNING:
The information in this report is prepared by “Maxis Investments LTD” and it is not to be construed as an offer of solicitation for the purchase or sale of any financial instrument or the provision of an offer to
provide investment services. Information, opinions and comments contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to
the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinion and comments contained in this report reflect the
personal views of the analyst who supplied them. The investment discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Therefore,
making decisions with respect to the information in this report may cause inappropriate results.
All prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any form of reproduction, dissemination, copying, disclosure, modification,
distribution and/or publication of this report is strictly prohibited. The past performances of the instruments are not necessarily a guide to the future. The investment could be subject to sudden and large fall
in value that could lead to large loss on realization equal to amount invested. Change in rate of exchange may have adverse effects on instrument returns. The information presented in this report has been
obtained from sources believed to be reliable. Maxis Investments Ltd. cannot be held responsible for any errors or omissions or for results obtained from the use of such information
Maxis Investments Limited is authorized and regulated by the FCA. Maxis Investments Limited does not have any material interest, position or holding in the investment. The taxation on investment is
subject to country regulations the instrument has been traded at. The information contained in this document has not taken into account your individual circumstances. Where you are unsure about any
matters raised by the above information you should seek appropriate independent advice.
Maxis Investments Limited, 7 Princes Street, 1st Floor, EC2R 8AQ, London, UK
Registered in England & Wales, No: 5529888
Authorized and regulated by the Financial Services Authority
Page 5
Maxis Investments Limited.