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. 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 4
Maxis Investments Limited.

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