The most important headlines of the last 2 weeks were the upgrade of Turkey’s sovereign credit rating to ‘BB-‘ from ‘B+’ by Fitch and the unexpected CBRT interest rate cut to 17% from 18%.
In the meantime, Turkey issued its 1st US$ Eurobond in 2005 maturing in 2025 for US$2bn (US$5.5bn target for the whole year) priced to yield 7.52% with an unprecedented over subscription reaching US$13bn. Finally, the financing program for 2005 was announced.
This is the last TNL prepared by me as I will be leaving Turkey Rep. Office for my new responsability in ECEP-credit coordination, Paris at the end of this month.
It was a great pleasure and experience for me to work in Turkey.
My replacement will be Terence SINGH who will start in March but in the meanwhile you will still receive a quarterly report prepared by the Rep. Office.
Turkish Bulletin – January 17, 2005 (Acrobat Document : 158 Ko)