07/03/2014 Friday 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 EXPORT CREDIT BANK OF TU 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 GARANTI BANKASI REPUBLIC OF TURKEY AKBANK TAS TURKIYE IS BANKASI A.S TURKIYE VAKIFLAR BANKASI ANADOLU EFES YAPI VE KREDI BANKASI ASYA SUKUK CO LTD ARCELIK AS ALBARAKA TURK KATILIM TURKIYE IS BANKASI A.S COUPON 7 7.25 5.125 9.625 5.1875 9.5 5.1 2.7366 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 5.875 4 3.5 3.875 4.25 7 5.875 5.625 6.25 5.25 6.25 5 6 6 3.375 5.5 7.5 5 7.75 7.85 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 24/04/2019 22/01/2020 24/04/2020 05/02/2020 09/05/2020 05/06/2020 12/08/2020 30/03/2021 20/04/2021 13/09/2022 26/09/2022 24/10/2022 24/10/2022 01/11/2022 01/11/2022 06/12/2022 28/03/2023 03/04/2023 07/05/2023 10/12/2023 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 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 NR Baa3 Baa2 B2 BB+ NR BB+ NR Caa2 Baa2 Baa2 Ba2 Baa3 Baa3 Baa2 Baa2 Baa3 Baa2 Baa2 Baa2 Ba2 Baa2 Ba1 Baa2 NR NR BB+ BBBBB+ NR NR NR BBB- Baa2 Baa2 Baa3 Baa2 Baa3 Baa2 Baa2 Baa2 Baa3 Baa2 Baa3 Baa2 Baa3 Baa2 Ba1 Baa3 Baa3 Baa3 Baa2 Baa2 Baa3 Baa2 Ba1 Ba2 Baa3 Ba1 Ba3 BB+ FITCH RATING BBBBBBBBB B BBB CC BBB BBB BBBBBBBBB BBB BBBBBBBBBBBB BBB BBBBBB BBBBBB BBB BBBBBB BBB BBBBBBBBB BBB BBB BBBBBB BBBBBB BBB BBBBBBBBBBBBBBB BBB BBBBBB BBBBB+ BBBBB+ Ba1 BBB- Page 1 BID ASK 101 105.375 102.625 97 102.75 70 102.75 97 100 109.875 102.75 104 105 103 113 100.5 99.25 98.75 97 97.25 95.25 96 84.375 94 84.5 106.125 111.25 95 94 104 94.5 98.5 98.25 112.625 100.25 103.25 90 90 90.5 90 112.75 101 104.5 102.25 96 107.25 94.25 91.25 90.25 82.5 85.75 81.5 88 89 101.25 102.5 105.75 103.125 99 103.25 75 103.25 99 101 110.25 104.75 104.75 106 104 113.5 101.5 100 99.25 98 98.25 96.25 97 86.375 96 85.5 106.625 111.75 95.5 95 105 95.5 99 98.75 113.125 101.25 104.25 91 91 91.5 91 113.25 102.5 105 103.25 97 107.75 95.25 92.25 91.25 83.5 86.75 84.5 89 92 102.25 BID YTM ASK YTM BID 5.34 2.94 1.84 1.48 3.14 2.77 11.76 10.32 3.39 3.07 34.67 29.55 3.58 3.31 4.21 3.22 5.50 5.00 2.93 2.79 4.75 3.96 3.77 3.48 4.88 4.52 4.70 4.36 3.35 3.20 4.71 4.39 4.23 4.00 4.25 4.10 6.08 5.77 4.70 4.40 5.42 5.14 5.03 4.76 12.70 11.97 6.77 6.17 12.42 12.06 4.80 4.66 3.74 3.61 5.12 4.98 5.79 5.50 3.78 3.55 5.11 4.86 5.37 5.24 5.68 5.55 4.17 4.07 5.44 5.22 5.14 4.92 6.05 5.83 5.44 5.24 5.80 5.59 6.23 6.02 4.62 4.53 5.69 5.41 4.86 4.78 5.86 5.69 5.85 5.70 5.19 5.12 5.86 5.70 7.39 7.22 7.56 7.39 6.00 5.83 7.78 7.60 11.09 10.50 6.80 6.63 9.58 9.05 7.66 7.52 Z SPREAD ASK 510 157 282 1140 302 3429 314 398 497 228 406 307 408 382 239 373 318 315 499 359 412 373 147 557 121 358 249 383 451 233 364 389 417 259 381 351 415 345 388 425 266 393 267 367 336 271 334 491 508 342 527 1237 421 709 507 BID P 270 121 245 996 271 2917 286 299 448 214 326 278 372 348 224 340 295 300 467 328 384 345 46 496 58 344 236 369 422 210 338 376 404 249 358 329 393 324 366 403 257 360 258 350 320 264 318 474 490 325 509 1127 404 655 492 CHANGE ASK P 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.00 0.00 0.13 0.00 0.00 0.13 0.25 0.00 0.00 0.00 0.75 0.00 0.00 0.13 0.25 0.00 0.00 0.00 0.25 0.00 0.13 0.00 0.13 0.25 0.50 0.13 0.00 0.25 0.50 0.00 0.00 0.00 0.00 0.00 0.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.25 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.00 0.00 0.13 0.00 0.00 0.13 0.25 0.00 0.00 0.00 0.75 0.00 0.00 0.13 0.25 0.00 0.00 0.00 0.25 0.00 0.13 0.00 0.13 0.25 0.50 0.13 0.00 0.25 0.50 0.00 0.00 0.00 0.00 0.00 0.50 Maxis Investments Limited. 07/03/2014 Friday 11.00 TURKISH BANKS & SOVEREIGN YIELD CURVE (Duration vs Mid YTM) ASYAKA23 Ba3 10.00 ALBRK23 9.00 8.00 YKBNK22 BBBISCTR23 BBB- VAKBN22 BB+ ISCTR22 BBB- 7.00 ACKAF23 BB+ BNKPOZ18 BBB- 6.00 SISETI20 BB+ YKBNK20 BBB FINBN17 BBBYKBNK18 BBB MERSIN20 BBBGARAN21 BBB AKBNK18 BBB HALKBK20 BBBVAKBN18 BBBISCTR19 BBB KCHOL20 BBBTUPRST18 BBBVAKBN18 BBBEXCRTU19 BB+ YTM (%) FINBN16 BBB- 5.00 TUFIKA18 BBB ISCTR18 BBB AKBNK18 BBB YKBNK17 BBB VAKBN17 BBBISCTR17 BBB KFINKW16 BBB HALKBK17 BBBAKBNK17 BBB GARAN17 BBB TURKEY19 BBBCCOLAT18 BBB EXCRTU16 BB+ ISCTR16 BBB TURKEY18 BBB- BNKPOZ14 BBB- 4.00 GARAN16 BBB GARAN22 BBB AEFES22 BBB- AKBNK22 BBB TURKEY24 BBB- TURKEY22 BBB- TURKEY23 BBB- TURKEY21 BBBTURKEY20 BBB- YKBNK15 BBB 3.00 TURKEY17 BBB- AKBNK15 BBB TURKEY16 BBB- 2.00 TURKEY15 BBB- 1.00 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 2 Maxis Investments Limited. 07/03/2014 Friday 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 JPM CEMBI Broad Composite Inde JPM CEMBI Broad Turkey JPM CEMBI Broad CEEMEA Index JPM CEMBI Broad Africa Index JPM CEMBI Broad Asia Index Week to Date Month to Date Year to Date 5 Years -0.02 -0.19 -0.19 1.82 0.32 0.58 0.58 3.24 94.93 -0.10 -1.04 -1.04 0.58 103.29 3.27 126.79 0.04 0.27 0.27 82.07 0.06 0.15 0.15 1.90 71.19 JPM CEMBI Broad Europe Index -0.11 -1.63 -1.63 -0.68 127.52 JPM CEMBI Broad Latin America -0.04 0.14 0.14 2.72 73.15 JPM CEMBI Broad Mideast Index -0.10 -0.09 -0.09 2.75 Broad Financial Index 0.02 -0.26 -0.26 Broad Industrial Index -0.01 0.13 Broad Metals & Mining Index -0.17 -0.66 Broad Oil & Gas Index -0.08 -0.48 Broad Consumer Index 69.24 1.72 79.07 2.09 183.32 -0.66 1.65 89.70 -0.48 1.53 57.12 0.04 0.14 0.14 2.60 43.71 -0.01 0.11 0.11 2.24 60.68 JPMorgan EMBIG Composite 0.04 0.03 0.03 2.22 79.07 JPMorgan EMBIG Turkey 0.08 0.12 0.12 4.64 72.98 JPMorgan GBI-EM Global Composi 0.88 0.97 0.97 0.91 66.08 Broad Utilities Index 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 3 Maxis Investments Limited. Prepared By Fixed Income Trading & Institutional SalesTeam Aras Guvenc (Associate) Tel:+44 207 726 3340 Fax: +44 207 7263 313 E-mail: [email protected] Contact Information: Sales Team Institutional SalesTeam Deniz Canlisoy (Associate Director) Tel: +44 207 726 3323 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] Can Atalay (Vice President) Tel:+44 207 726 3328 Fax: +44 207 726 3319 E-mail: [email protected] Dilan Anli (Senior Associate) Tel:+44 207 726 3322 Fax: +44 207 726 3319 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. 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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 4 Maxis Investments Limited.
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