The move to more orthodox policies is building investor confidence.
-- Turkey’s corporate eurobond market is starting to take off again after years in the doldrums, as the country’s shift to more orthodox economic policies improves investor confidence.
Turkey’s five-year credit-default swaps have nearly halved to hit a two-year low since President Recep Tayyip Erdogan got reelected in a May vote. That’s been mostly attributed to the reversal in economic policymaking since the appointment of market-friendly Mehmet Simsek and Hafize Gaye Erkan as finance minister and central bank governor.
“Going forward we expect more issuance from other corporates and expect these to be reasonably well covered,” Popat said. “Turkey assets remain substantially under-owned by foreign investors and expect this to be gradually closed over time as long as the country continues keeping an orthodox policy.”
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