Turkey

Asli  Orbay Asli Orbay Reporter, Arbitration and Litigation, Debtwire CEEMEA

Still reeling from the aftermath of the currency crisis in Summer 2018, Turkish corporates are poorly positioned to weather a fresh storm caused by the coronavirus pandemic, according to market participants polled by Debtwire.

With few signs that a financial fix for Turkey’s debt-laden energy sector – proposed by the government earlier this year – is any closer to materialising, concern is mounting that not enough is being done to achieve an urgently needed operational turnaround in the industry, several market participants told Debtwire.

David Graves David Graves Associate Editor, Debtwire

Turkish Eurobond issuance volume year-to-date (YTD) is already double that in 1Q18, following a deluge of Anatolian deals in March, according to a Debtwire analysis. Some USD 9.4bn worth of US dollar- and euro-denominated bonds have been issued so far this year, compared to USD 4.7bn in 1Q18.

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