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Perdono una B e poi seguiranno le altre sorelle seguono.A un certo punto se vuoi fare lo spiritoso e vuoi prendere per il c.l.o tutto e tutti te ne prendi quelle che sono le conseguenze.Ci pensa poi Allah a risolvere tutto.
Obbligazioni valute high yield TURCHIA bond in usd e lira turca
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Perdono una B e poi seguiranno le altre sorelle seguono.A un certo punto se vuoi fare lo spiritoso e vuoi prendere per il c.l.o tutto e tutti te ne prendi quelle che sono le conseguenze.Ci pensa poi Allah a risolvere tutto.
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Turchia, Scope R. taglia rating e rivede outlook a 'negativo'
Gli analisti di Scope Ratings hanno tagliato di due notch - da 'BB+' a 'BB-' - il rating sul debito sovrano della Turchia, rivedendo l'outlook a Negativo. Le ragioni principali della decisione sono tre, spiegano gli esperti. Il primo è "il deterioramento nella credibilità e nella prevedibilità della politica economica turca, le cui posizioni su bilancio e riforme strutturali non sono adeguate a riportare il Paese su un percorso di crescita sostenibile". In secondo luogo, "gli squilibri macroeconomici si sono accentuati, con outlook inflazionistico in deterioramento e una politica monetaria inadueguata" alla situazione. Infine "l'impatto della debolezza nella bilancia dei pagamenti e dei modesti livelli di riserve in valuta straniera".
Dow Jones Newswires
August 17, 2018 04:30 ET (08:30 GMT)
Gli analisti di Scope Ratings hanno tagliato di due notch - da 'BB+' a 'BB-' - il rating sul debito sovrano della Turchia, rivedendo l'outlook a Negativo. Le ragioni principali della decisione sono tre, spiegano gli esperti. Il primo è "il deterioramento nella credibilità e nella prevedibilità della politica economica turca, le cui posizioni su bilancio e riforme strutturali non sono adeguate a riportare il Paese su un percorso di crescita sostenibile". In secondo luogo, "gli squilibri macroeconomici si sono accentuati, con outlook inflazionistico in deterioramento e una politica monetaria inadueguata" alla situazione. Infine "l'impatto della debolezza nella bilancia dei pagamenti e dei modesti livelli di riserve in valuta straniera".
Dow Jones Newswires
August 17, 2018 04:30 ET (08:30 GMT)
Magician
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BEIJING, Aug 17 (Reuters) - China offered moral support to Turkey on Friday as Ankara reeled from a currency crisis and U.S. sanctions, saying it believed the country could overcome its “temporary” economic difficulties, in Beijing’s first comment on the issue.
The Turkish lira has lost a third of its value against the dollar this year as worsening relations between the NATO allies Turkey and the United States added to losses driven by concerns over President Tayyip Erdogan’s influence over monetary policy.
In a brief statement, China’s Foreign Ministry said that it had noted the “new direction” of the Turkish economy and its foreign relations.
“Turkey is an important emerging market country, and it remaining stable and developing benefits regional peace and stability,” the ministry added.
“China believes that Turkey has the ability to overcome the temporary economic difficulties, and hopes the relevant sides can ease their differences via dialogue,” it said, referring to Turkey and the United States.
The ministry also referred to media reports that state-run Industrial and Commercial Bank of China Ltd had signed a $3.8 billion financing agreement with Turkey - an apparent reference to a Chinese state media report.
State news agency Xinhua reported last month that the Turkish unit of ICBC had signed a $3.8 billion deal at a forum in Ankara, though did not give details.
On Friday, the Foreign Ministry said China has always supported business and finance cooperation between the countries and the signing of deals in accordance with market rules.
An ICBC spokesman said on Friday that at its Turkish unit had signed memorandums of understanding for cooperation on infrastructure, but declined to comment on the figure of $3.8 billion.
China and Turkey have developed increasingly close ties since putting behind them a dispute over China’s treatment of ethnic Uighurs, a Muslim people who speak a Turkic language and live in China’s far western region of Xinjiang
UPDATE 1-China offers Turkey moral support, says can overcome...
The Turkish lira has lost a third of its value against the dollar this year as worsening relations between the NATO allies Turkey and the United States added to losses driven by concerns over President Tayyip Erdogan’s influence over monetary policy.
In a brief statement, China’s Foreign Ministry said that it had noted the “new direction” of the Turkish economy and its foreign relations.
“Turkey is an important emerging market country, and it remaining stable and developing benefits regional peace and stability,” the ministry added.
“China believes that Turkey has the ability to overcome the temporary economic difficulties, and hopes the relevant sides can ease their differences via dialogue,” it said, referring to Turkey and the United States.
The ministry also referred to media reports that state-run Industrial and Commercial Bank of China Ltd had signed a $3.8 billion financing agreement with Turkey - an apparent reference to a Chinese state media report.
State news agency Xinhua reported last month that the Turkish unit of ICBC had signed a $3.8 billion deal at a forum in Ankara, though did not give details.
On Friday, the Foreign Ministry said China has always supported business and finance cooperation between the countries and the signing of deals in accordance with market rules.
An ICBC spokesman said on Friday that at its Turkish unit had signed memorandums of understanding for cooperation on infrastructure, but declined to comment on the figure of $3.8 billion.
China and Turkey have developed increasingly close ties since putting behind them a dispute over China’s treatment of ethnic Uighurs, a Muslim people who speak a Turkic language and live in China’s far western region of Xinjiang
UPDATE 1-China offers Turkey moral support, says can overcome...
Magician
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S&P Global Ratings is scheduled to update financial markets about how it views Turkey’s creditworthiness on Friday. Investors have already delivered their collective verdict by driving up the nation’s borrowing costs and sending the lira to record lows this week.
But it’s how Turkey’s leaders respond to what looks like an inevitable downgrade at some point that will set the tone for the next chapter in the country’s unfolding economic drama.
Turkey is currently rated BB- at S&P, three levels below investment grade, after a one-step downgrade in May. S&P attributed its decision to the risk of a hard landing for the country’s “overheating, credit-fueled economy.”
A look at the bond market show investors are assuming that the picture has only gotten worse. Yields on Turkey’s $3.25 billion of government securities repayable in 2025 are commensurate with those of far lower-rated borrowers.
Punished by Bondholders
Turkey's yield has surged to match that of much lower-rated borrowers
Moody’s Investors Service rates Turkey one grade higher than S&P on its scale, at Ba2. Its most recent action was also a downgrade, by one level in March. But an announcement in June from Moody’s that it was considering a further cut, a couple of weeks before elections, prompted an angry rejoinder from the administration.
“God willing, we will conduct an operation against Moody’s after June 24,” President Recep Tayyip Erdogan said, according to the state-run Anadolu Agency. An accompanying decision to cut the ratings of 17 Turkish banks was “unethical,” according to chief banking regulator Mehmet Ali Akben.
Thankfully, the government doesn't seem to have followed through on those threats. But in the current febrile climate, with Erdogan accusing “economic hitmen” of inflicting damage that he regards as “no different than a military coup attempt,” the implementation of the downgrade that bond investors are anticipating could prompt a furious response.
That would be a mistake. It would threaten to undermine the uneasy truce that’s seen the lira stabilize after reaching a record low of 7.23 against the dollar on Monday, albeit one engineered by the central bank starving commercial lenders of one-week repo funding since then. Forcing banks to borrow at its more expensive overnight rate makes it harder for them to short the lira.
An Uneasy Truce
The Turkish lira has railled against the dollar in recent days
There’s scant evidence of Erdogan retreating from his position that interest rates need to be cut to control inflation that’s three times higher than the target set by the central bank. The latter, meantime, hasn’t exercised its alleged independence to tighten monetary policy. That’s worrying enough.
But if Erdogan threatens reprisals against the credit-rating companies for any additional downgrades they deem appropriate, investors may decide that their capital is better off not being invested in a country with little respect for economic orthodoxy or the independent financial institutions designed to keep politicians in check.
Terms of Service Violation
But it’s how Turkey’s leaders respond to what looks like an inevitable downgrade at some point that will set the tone for the next chapter in the country’s unfolding economic drama.
Turkey is currently rated BB- at S&P, three levels below investment grade, after a one-step downgrade in May. S&P attributed its decision to the risk of a hard landing for the country’s “overheating, credit-fueled economy.”
A look at the bond market show investors are assuming that the picture has only gotten worse. Yields on Turkey’s $3.25 billion of government securities repayable in 2025 are commensurate with those of far lower-rated borrowers.
Punished by Bondholders
Turkey's yield has surged to match that of much lower-rated borrowers
Moody’s Investors Service rates Turkey one grade higher than S&P on its scale, at Ba2. Its most recent action was also a downgrade, by one level in March. But an announcement in June from Moody’s that it was considering a further cut, a couple of weeks before elections, prompted an angry rejoinder from the administration.
“God willing, we will conduct an operation against Moody’s after June 24,” President Recep Tayyip Erdogan said, according to the state-run Anadolu Agency. An accompanying decision to cut the ratings of 17 Turkish banks was “unethical,” according to chief banking regulator Mehmet Ali Akben.
Thankfully, the government doesn't seem to have followed through on those threats. But in the current febrile climate, with Erdogan accusing “economic hitmen” of inflicting damage that he regards as “no different than a military coup attempt,” the implementation of the downgrade that bond investors are anticipating could prompt a furious response.
That would be a mistake. It would threaten to undermine the uneasy truce that’s seen the lira stabilize after reaching a record low of 7.23 against the dollar on Monday, albeit one engineered by the central bank starving commercial lenders of one-week repo funding since then. Forcing banks to borrow at its more expensive overnight rate makes it harder for them to short the lira.
An Uneasy Truce
The Turkish lira has railled against the dollar in recent days
There’s scant evidence of Erdogan retreating from his position that interest rates need to be cut to control inflation that’s three times higher than the target set by the central bank. The latter, meantime, hasn’t exercised its alleged independence to tighten monetary policy. That’s worrying enough.
But if Erdogan threatens reprisals against the credit-rating companies for any additional downgrades they deem appropriate, investors may decide that their capital is better off not being invested in a country with little respect for economic orthodoxy or the independent financial institutions designed to keep politicians in check.
Terms of Service Violation
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