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There is an aggressive hunt for yield by issuance-starved investors in the Gulf
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
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Diversified payment receivables securitizations, a deal structure used extensively by Turkey’s big banks, could be a vital route to help these institutions access more hard currency term funding as the crisis in the country deepens. But these deals have increasingly relied on development institutions in recent years, rather than private demand. -
The currency crisis in Turkey has prompted analysts to hone in on the balance sheets of European banks, as they look for the first signs of an increase in income volatility following the introduction of the new IFRS 9 accounting standard.
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The cost of insuring Turkish government debt has shot up as Turkey’s president Recep Tayyip Erdogan has refused to give way in a dispute with the United States.
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Equity and debt markets are preparing for a full blown crisis in Turkey and even though its currency pulled back from its early-week lows, investors are worrying about debt defaults.
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Yields on Turkey’s sovereign debt hit 20% this week, stoking fears of a debt crisis. But breaking the purported psychological importance of the 20% ceiling does not add much to the well-established litany of issues facing the country’s economy.
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UniCredit’s senior management team had to fend off a barrage of questions about the bank’s exposure to Turkish bank Yapi Kredi this week, as yields spiked on Turkish local currency debt and the lira slid further against the dollar. UniCredit’s equity stake is accounted at €2.5bn, but worth less than €1.2bn in today’s market.
