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Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
The company is expanding outside Turkey, such as into Saudi Arabia
Turkey's central bank increased inflation forecasts on Thursday due to rising energy prices
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Two rating agencies lowered Turkey’s credit rating on Friday evening, but the beleaguered nation’s asset prices have largely shrugged off the news, despite predictions of a recession. -
The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.
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Emerging market currencies and bond yields were battered this week as old school contagion — the like of which has been absent for many years — infected the market as the Turkish lira crashed. But there is hope that a bounce back for many of these countries could be imminent, as it was after the 2013 taper tantrum. Francesca Young reports.
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Banks with major exposures to Turkey were getting hammered after a loss of financial market confidence pushed the country towards a crisis at the beginning of the week. But analysts suggest that any fears of contagion into the European banking sector are overdone.
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Within a fortnight, the Republic of Turkey is planning to announce “additional sources of financing” to fill a $2.5bn gap in its 2018 external bond funding plans, Berat Albayrak, the country's finance minister, said on an investor conference call on Thursday afternoon. Albayrak also said Turkey is not in talks with the International Monetary Fund (IMF) and ruled out capital controls.
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The cost of buying credit default swaps on Turkish five year government debt has stopped its upward trajectory and eased lower, even as the country’s standoff with the US continues.
