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.
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