07/07/2014
Monday
TURKEY CORPORATE AND SOVEREIGN EUROBONDS RUN (*)
ISSUER
BANKPOZITIF (CISAL)
REPUBLIC OF TURKEY
AKBANK TAS
YASAR(WILLOW NO.2)
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
COUPON
7
7.25
5.125
9.625
5.1875
9.5
5.1
2.72785
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
MATURITY
28/10/2014
15/03/2015
22/07/2015
07/10/2015
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
CURRENCY
USD
USD
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
S&P
RATING
MOODYS'
RATING
NR
Baa3
Baa3
B2
BB+
NR
BB+
NR
Caa2
Baa3
Baa3
Ba2
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Ba2
Baa3
Ba1
Baa3
NR
NR
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Page 1
FITCH
RATING
BBBBBBBBBB
BBB
CC
BBBBBBBBBBBBBBB
BBB
BBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBB
BBBBBB-
BID
100.5
104
102.625
103
102.5
73
103.625
98.5
102.75
110.25
104
104.25
106.375
104.625
113.25
102.75
101.125
101.25
101.625
100.5
99.25
97.75
92.25
99
91.25
108.5
112.5
97
98.5
105.125
97.875
101.25
101.75
114.625
103.75
Z SPREAD
CHANGE
ASK
BID YTM
ASK YTM
BID
ASK
BID P
ASK P
101.5
5.23
1.94
502
171
0.00
0.00
104.375
1.32
0.79
106
53
0.00
0.00
103.125
2.53
2.05
222
174
0.00
0.00
104
7.04
6.21
661
262
0.00
0.00
103
3.14
2.74
276
236
0.00
0.00
77
36.81
31.93 3641
3153
0.00
0.00
104.125
2.71
2.39
222
190
0.00
0.00
100
3.60
2.74
336
249
0.00
0.00
103.25
3.93
3.65
334
306
0.00
0.00
110.625
2.22
2.06
148
131
0.00
0.00
106
4.04
3.15
325
236
0.00
0.00
105.25
3.45
3.01
265
221
0.00
0.00
107.375
4.12
3.72
321
281
0.00
0.00
105.625
3.98
3.61
297
261
0.00
0.00
113.75
2.87
2.71
178
162
0.00
0.00
103.25
3.90
3.73
279
262
0.00
0.00
101.625
3.62
3.45
244
227
0.00
0.00
101.75
3.47
3.31
224
208
0.00
0.00
102.125
4.61
4.45
338
322
0.00
0.00
101
3.71
3.55
247
231
0.00
0.00
100.25
4.34
4.05
292
263
0.00
0.00
98.75
4.60
4.31
318
289
0.00
0.00
94.25
10.14
9.43
119
18
0.25
0.25
101
5.31
4.69
398
336
0.50
0.50
93.25
10.30
9.60
135
35
0.25
0.25
109
3.98
3.84
264
249
0.00
0.00
113
3.17
3.04
180
167
0.13
0.13
98
4.63
4.33
322
292
0.00
0.00
99.5
4.56
4.27
316
286
0.00
0.00
105.625
3.44
3.31
188
175
0.13
0.13
98.375
4.30
4.17
273
260
0.00
0.00
102.25
4.67
4.42
310
284
0.00
0.00
102.75
4.80
4.55
320
295
0.00
0.00
115.125
3.57
3.46
191
180
0.13
0.13
104.25
4.62
4.50
291
279
0.00
0.00
Maxis Investments Limited.
07/07/2014
Monday
TURKEY CORPORATE AND SOVEREIGN EUROBONDS RUN (*)
ISSUER
TF VARLIK KIRALAMA AS
EXPORT CREDIT BANK OF TU
FINANSBANK AS
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
TURKIYE GARANTI BANKASI
YAPI VE KREDI BANKASI
KOC HOLDINGS AS
TURKIYE HALK BANKASI
TURK SISE VE CAM FABRIKA
REPUBLIC OF TURKEY
MERSIN ULUS LIMAN
REPUBLIC OF TURKEY
TURKIYE GARANTI BANKASI
TURKIYE IS BANKASI A.S
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
5.375
5.875
6.25
4.75
3.5
3.75
5.162
6.25
4.25
3.375
4.75
4
3.5
3.875
4.25
7
5.875
5.625
6.25
5
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
24/04/2019
24/04/2019
30/04/2019
04/06/2019
17/06/2019
19/06/2019
26/06/2019
30/06/2019
03/07/2019
08/07/2019
17/10/2019
22/01/2020
24/04/2020
05/02/2020
09/05/2020
05/06/2020
12/08/2020
30/03/2021
20/04/2021
25/06/2021
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
USD
USD
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
S&P
RATING
MOODYS'
RATING
BB+
Baa3
Ba2
Baa3
Baa3
BB+ /*+
FITCH
RATING
BBB
BBBBBBBBBBBBBBB
BB
BBBBB+
NR
NR
NR
BBB-
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Ba1
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Baa3
Ba2
Ba2
Baa3
Ba2
Baa3
B1
BB+
BBBBBBBBBBBB
BBBBBBBBBBBBBBBBBB
BBBBBBBBBBB+
BB+
BBBBBBBB+
Ba2
Baa3
BB+ /*+
Page 2
BB+
BBBBBB-
Z SPREAD
CHANGE
BID
ASK
BID YTM
ASK YTM
BID
ASK
BID P
ASK P
101.75
102.75
4.96
4.72
325
301
0.00
0.00
106.25
107.25
4.41
4.19
270
247
0.00
0.00
103.69
104.19
5.37
5.25
366
354
0.08
0.08
100.13
100.63
4.72
4.60
296
284
0.15
0.15
98.81
99.31
3.77
3.65
313
301
0.07
0.07
99.02
99.52
3.97
3.86
219
207
0.05
0.05
101.297 101.878
4.86
4.73
310
296
0.09
0.16
99.727
100.28
6.31
6.18
456
442
0.03
-0.02
98.955
99.485
4.49
4.37
270
257
-0.10
-0.06
98.835
99.186
3.63
3.56
299
290
0.11
0.12
100.375 100.875
4.67
4.56
281
270
0.00
0.00
94.75
95.75
5.10
4.89
317
295
0.00
0.00
95
96
4.49
4.29
249
228
0.00
0.00
94.875
95.875
4.94
4.73
299
278
0.13
0.13
95.75
96.75
5.10
4.90
310
289
0.00
0.00
116.25
116.75
3.89
3.80
191
182
0.13
0.13
105.25
106.25
4.87
4.68
291
269
0.25
0.25
108.625 109.125
4.14
4.06
197
188
0.13
0.13
106.375 107.375
5.12
4.95
296
278
-0.13
-0.13
99
99.25
5.17
5.13
295
290
0.37
0.37
100
101
5.25
5.10
283
267
0.00
0.00
112.625 113.125
4.40
4.33
199
192
0.13
0.13
98.5
99.5
5.22
5.07
279
263
0.00
0.00
99.75
100.75
6.04
5.88
363
347
0.00
0.00
98.5
99.5
6.23
6.08
382
366
0.00
0.00
88.25
89.25
5.13
4.97
265
248
0.00
0.00
94.625
95.625
6.33
6.17
390
373
0.00
0.00
91.5
92
4.44
4.36
189
181
0.13
0.13
88.5
93.5
9.90
9.00 1003
827
0.00
0.00
95.75
96.75
5.62
5.47
312
297
0.00
0.00
94
97
8.74
8.23
632
580
0.00
0.00
110.5
111.5
6.35
6.22
384
370
0.00
0.00
108.75
109.25
4.62
4.56
202
195
0.25
0.25
97.46
97.96
5.21
5.14
256
248
0.10
0.10
Maxis Investments Limited.
07/07/2014
Monday
12.00
TURKISH BANKS & SOVEREIGN YIELD CURVE (Duration vs Mid YTM)
11.00
10.00
ASYAKA23 B1
9.00
ALBRK23
8.00
7.00
YASAR15 B
YKBNK22 BBBISCTR23 BB+
ALBRK19 BB
YTM (%)
VAKBN22 BB+
6.00
ISCTR22 BB+
GARAN22 BBBYKBNK20 BBB SISETI20 BB+
ISCTR21 BBB
GARAN21 BBBBNKPOZ18 BBBHALKBK19 BBBAKBNK22 BBBTUFIKA19 BBB
MERSIN20 BBBHALKBK20 BBBYKBNK18 BBB
TUFIKA18 BBB
ISCTR19 BBB-GARAN19 BBBFINBN17 BBBVAKBN18
BBBVAKBN18
BBBTCZIRA19 BBBAKBNK18 BBBKCHOL20 BBBISCTR18 BBBTUPRST18 BBBTURKEY22 BBBEXCRTU19 BB+
YKBNK17HALKBK17
BBB
AKBNK18
BBBTURKTI19
BBBBBBTURKEY21 BBBFINBN16 BBBVAKBN17
BBBISCTR17 BBBKFINKW16 BBB
TURKEY20 BBBGARAN17 BBBAKBNK17 BBBCCOLAT18 BBB
TURKEY19 BBBEXCRTU16 BB+
ACKAF23 BB+
FINBN19 BBB-
5.00
4.00
BNKPOZ14 BBB-
3.00
GARAN16
BBB-
YKBNK15 BBB
AEFES22 BBB-
TURKTI24 BBB-
TURKEY24 BBBTURKEY23 BBB-
TURKEY18 BBBTURKEY17 BBB-
AKBNK15 BBB-
ISCTR16 BBB-
2.00
TURKEY16 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.
07/07/2014
Monday
TURKEY CORPORATE VS EM TOTAL RETURNS YTD (%)
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
-0.06
-0.07
-0.07
6.18
JPM CEMBI Broad Turkey
-0.09
-0.11
-0.12
9.21
JPM CEMBI Broad CEEMEA Index
-0.03
-0.08
-0.04
4.64
65.96
JPM CEMBI Broad Africa Index
-0.05
0.11
0.20
7.98
73.98
JPM CEMBI Broad Asia Index
-0.01
0.04
0.03
5.70
52.47
JPM CEMBI Broad Europe Index
-0.01
-0.11
-0.05
3.93
72.12
JPM CEMBI Broad Latin America
-0.13
-0.18
-0.19
7.95
54.23
JPM CEMBI Broad Mideast Index
-0.06
-0.08
-0.08
5.63
Broad Financial Index
-0.06
-0.02
-0.03
5.37
50.35
Broad Industrial Index
0.01
0.10
6.94
90.45
Broad Metals & Mining Index
-0.03
-0.09
-0.08
6.48
60.54
Broad Oil & Gas Index
-0.20
-0.35
-0.37
5.95
36.13
Broad Consumer Index
-0.16
-0.15
-0.18
7.75
39.01
Broad Utilities Index
-0.05
-0.02
-0.02
6.59
JPMorgan EMBIG Composite
-0.10
-0.32
-0.17
8.91
63.86
JPMorgan EMBIG Turkey
-0.50
-0.40
-0.47
13.15
55.44
0.23
-0.15
-0.17
7.30
42.22
JPMorgan GBI-EM Global Composi
57.41
58.91
56.32
52.46
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]
Deniz Canlisoy (Associate Director)
Tel: +44 207 726 3323 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]
Can Atalay (Vice President)
Tel:+44 207 726 3328 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]
Dilan Anli (Senior Associate)
Tel:+44 207 726 3322 Fax: +44 207 726 3319
E-mail: [email protected]
Aras Guvenc (Associate)
Tel:+44 207 726 3340 Fax: +44 207 7263 313
E-mail: [email protected]
Turgut Gurbuz (Senior Associate)
Tel:+44 207 726 3325 Fax: +44 207 726 3319
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.

Turkish corporates daily report