It is over one year after the Turkish currency reform and the international bond market has been through some significant changes. Scope for a buyback? Although it is the Triple A names that continue to dominate, some issuance has been seen further down the credit spectrum. As a rule of thumb, Turkey kicks off the year with a longer-dated US dollar deal before alternating between euro and dollar issues. As the market develops, we will see further demand for lower rated credits, and we have seen this occur to some extent already in the Turkish lira market with transactions for Double A rated issuers such as NRW State" said RBC's Sorensen. In the capital markets, Turkish ECM activity saw some successes inwith government sales particularly prominent. Although we are not expecting to see levels that were apparent one year ago, volumes are improving and supported by redemption flows. Often such a situation is very favourable, with a reduction in inflation and strong growth.
View Simon Surtees' profile on LinkedIn, the world's largest professional community. Simon has 10 jobs listed on their profile. See the complete ING Barings. UK - Simon Surtees and Alok Basu are to join Gartmore's Credit for NatWest Markets, ING Barings, HSBC Investment Bank and BNP.
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Simon Surtees is senior investment manager and head of credit research at Gartmore for ratings advisory and primary and secondary research at ING Barings.
But the big story in looks likely to be one of structured instruments — such as securitisation or covered bonds — finding a ready audience among Turkey's expanding domestic funds.
Ok to continue. Turkey is now in its fourth year of one-party, majority government and strong GDP growth. The biggest development over the past year was the opening last October of negotiations towards eventual EU entry.
But in TSKB's case: "Given that most of our receivables are on shore, an on-balance sheet secured loan or a covered bond look more likely solutions than a securitisation," said Yarcan. Some Another political kite being flown by some commentators is the question of whether Prime Minister Recip Tayyip Erdogan could choose to become the country's president when the present incumbent's term ends in April
3, Merrill 15= ING Barings - Colin Marshall & Team, 5, %. 15= SocGen 14, Bear Stearns - Simon Surtees, Phil Crate, 43, %.
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15, SocGen. Simon Surtees joined Gartmore in September from Bear Stearns Simon worked as a senior credit analyst for HSBC Markets and formerly ING Barings. Simon Surtees is senior investment manager and head of credit for ratings advisory and primary and secondary research at ING Barings.
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Spread convergence accelerated through and earlyand despite the now traditional March correction, investors continued the strategy of swiftly buying into emerging market sell-offs. Instead, in a falling price environment the banks have opted to put in place one-year deals that could be rolled over at a cheaper price — and usually a larger quantum — on maturity.
Home Bonds. Simon Surtees - Gartmore Simon Surtees is senior investment manager and head of credit research at Gartmore, where he joined in Septemberfrom Bear Stearns where he was managing director for European fixed-income credit research.
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There is no need for parliamentary elections until November elections are held every five yearsalthough some analysts have raised the question of whether the government may opt for early elections to lock in another five years in power, taking it to Special Reports.