CAPITAL MARKETS - Moody’s move whets appetite for sukuk certificates in liras

www.hurriyetdailynews.com -Turkish participation banks are eager to begin issuing lira based sukuk certificates, as Moody’s upgrades Turkey’s sukuk issue outlook to positive with a ‘Ba1’ ratin.

Moody’s upgraded yesterday its outlook for Turkey’s sukuk issue to positive and gave it a “Ba1” rating on the heels of news that the Turkish Treasury had mandated three international banks – Citigroup, HSBC and Liquidity House – to issue “sukuk certificates,” or Islamic banking vehicles.

The new issue is expected to be completed in two weeks as Turkish banks are eagerly waiting for the Turkish Treasury to finalize the process for a Turkish Lira-based sukuk issuing regulation. Deputy Prime Minister Ali Babacan had previously said on several occasions that the Treasury was working to shape the regulation before the end of 2012.  (source)

CAPITAL MARKETS - Turkey to mandate banks for sovereign sukuk sale - sources - Turkiye Finans plans corporate sukuk

www.reuters.com - ISTANBUL, July 5 (Reuters) - Turkey is set to mandate HSBC, Citi and Deutsche Bank to manage the sale of its first sukuk, or Islamic bond, banking sources told Reuters on Thursday.
The move by the Treasury, overcoming sensitivities about Islamic finance in the secular republic, should give Turkey access to a wider pool of investors via a global sukuk market estimated at more than $100 billion.
One banker said a size of $1 billion was being targeted, but that the sale amount was still unclear.
"The Treasury is about to finalise meetings about its first sukuk issue, and their choice (for the mandate) will be HSBC, Citi and Deutsche," said one senior banking source in London.
A sovereign sukuk from an economy regarded as one of the Muslim world's most progressive and successful would signal intent on Turkey's part to play a bigger role in Islamic finance.  (source)

CAPITAL MARKETS - TL certificate will be on the basis of the lease, and the dollar

www.dunya.com - ISTANBUL - Deputy Prime Minister Babacan, Treasury certificates to exhibit significant rents, announced that the TL and foreign currency denominated.

Deputy Prime Minister Ali Babacan, Participation Banks Association of Turkey (TKBB) Chairman Fahrettin Yahsi, "the Treasury get the TL to exhibit significant rent certificate" proposal, "From the domestic market will no doubt, but also foreign investors, such as Eurobonds There will also be showing interest in foreign exchange on the basis of "he said.

Babacan, TKBB'nin 11.Olağan General Assembly in his speech, referring to the Treasury to exhibit significant lease certificates, the following made ​​statements: (source)

BANKING - Participation bank assets grow 29 percent last year

www.hurriyetdailynews.com -Participation banks’ presence is growing rapidly in Turkey, the Participation Association data show as the government prepares to supports the sector with sukuks
 
Participation banks’ assets grew 29 percent to 56.1 billion Turkish Liras last year, Fahrettin Yahşi outgoing chairman of the Participation Banks Association of Turkey (TKBB) said May25 at the association’s 11th general assembly. (source)

CAPITAL MARKETS - Turkey sees $16 bln FDI in 2012- Treasury official - Sovereign Sukuk may have some delay

www.reuters.com - May 19 (Reuters) - Turkey expects to receive $16 billion in foreign direct investment this year (FDI), steady from 2011, despite the crisis in the euro zone, a senior official at the Turkish Treasury said on Saturday.
"Turkey is not affected that significantly from deleveraging from Europe, we are not affected the same way as eastern Europe," Evren Dilekli, Director General for foreign economic relations at the Treasury Undersecretariat said. (source)

BANKING - Turkish banks eye their customers' $270b pot of gold

www.gulfnews.com - Istanbul: Turkish banks are seeking to boost the lowest savings rate among major emerging markets and allay a concern of credit rating companies by persuading customers to deposit gold.

Turks have about 5,000 tonnes of gold "stashed under their pillows", Ozcan Halac, the head of the Istanbul Gold Exchange, said in a Bloomberg interview on March 7. That's equivalent to $270 billion (Dh991.7 billion), or more than a third of Turkey's $772 billion economy.

 Akbank TAS, the lender part-owned by Citigroup Inc, said on April 5 it was offering a new gold deposit account to spur savings. (source)

IMF - Statement by IMF Managing Director Christine Lagarde at the Conclusion of Her Visit to Turkey

www.imf.org - Press Release No.12/171 May 11, 2012
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF) made the following statement today at the conclusion of her visit to Istanbul, Turkey, where she met with the authorities and attended the 7th Investment Advisory Council.
"It has been a pleasure to be back in Turkey on the occasion of my first visit as Managing Director of the IMF. I was especially pleased to have the opportunity to meet with Prime Minister Recep Tayyip Erdoğan, as well as with Deputy Prime Minister Ali Babacan, and Minister of Economy Mehmet Zafer Çağlayan.
"I congratulated the Prime Minister and his colleagues on the reforms and achievements of the last ten years that have led to macroeconomic stability and enabled a major transformation of the Turkish economy.
"The economy is now at a critical juncture. Economic growth is projected to decelerate this year. The deceleration in growth has its benefits, allowing a reduction in the current account deficit and inflation, two areas which require special attention.  (source)

CAPITAL MARKETS - Turkey may launch sukuk issue within months-Babacan/TV

www.reuters.com - (Reuters) - The Turkish Treasury may launch a sukuk issue within a few months, Turkish Deputy Prime Minister Ali Babacan said on Tuesday in an interview with the broadcaster Kanal 24. (source)

CAPITAL MARKETS - Turkey set to launch sukuk push with 2012 sale

http://en-maktoob.news.yahoo.com.ANKARA, April 17 (Reuters) - The Turkish government will press ahead with its first issue of Islamic bonds this year and the planned sale should encourage private companies to do likewise and boost Istanbul's role as a financial centre, Deputy Prime Minister Ali Babacan said on Tuesday.

The government had said previously it could issue a sukuk in 2012, overcoming sensitivities about Islamic finance in the secular republic as it seeks to tap a rich pool of investors flush with oil money.  (source)

CAPITAL MARKETS - Islamic bond may be linked to third bridge

www.hurriyetdailynews.com - Turkey may issue its first sukuk, an Islamic finance tool, to be linked to the toll revenues of a planned bridge over the Bosphorus, daily Vatan claimed without quoting sources. The Treasury has already started a study on the issue, the newspaper said.

The paper said Deputy Prime Minister Ali Babacan’s Jan. 30 speech at a Capital Markets Board (SPK) meeting in Istanbul was a signal for the attempt. Turkey may issue its first sukuk this year, Babacan said at the meeting. (source)

CAPITAL MARKETS - Turkey to overcome secular qualms with Islamic bond

www.reuters.com -
* Sovereign sukuk in 2012 could raise several billion dollars
* Would pave way for corporate issues, set benchmark
* Could be used to fund large projects
* Turkish non-financial firms keen to tap market

By Seda Sezer and Nevzat Devranoglu

ISTANBUL, Feb 22 (Reuters) - Turkey's government plans its first-ever issue of Islamic bonds this year, overcoming sensitivities about Islamic finance in the secular republic as it seeks to tap a rich pool of investors flush with oil money.

A sovereign sukuk issue from an economy regarded as one of the most progressive and successful in the Muslim world would signal intent on Turkey's part to play a bigger role in Islamic finance. The size of the global sukuk market is estimated at more than $100 billion.

"It will be like ringing a bell and attracting all the attention," said Murat Cetinkaya, deputy chief executive for treasury at Kuveyt Turk, an Islamic bank that has been a trend-setter for corporate sukuk issues in Turkey. (source)

CAPITAL MARKETS - TRADE - FINANCE - Turkey offers Gulf ‘perfect match-up’

www.hurriyetdailynews.com - Trade between Turkey and the Gulf offer more than the energy business, say Turkish ministers. Turkey’s plans include restoring a historic rail line to the Gulf

TOBB President Rifat Hisarcıklıoğlu (R) presents Finance Minister Şimşek (C) with a gift at the Turkey-Gulf Business Forum. AA photo (source)

CAPITAL MARKETS - Turkey works on issuing rent certificate: deputy PM

www.worldbulletin.net  - "We hope to make the legal arrangement and issue the first certificate within this year," Babacan said during First Business Forum of Turkey-Cooperation Council for the Arab States of the Gulf in Istanbul.

Turkey's deputy prime minister said on Tuesday that Turkey was working on a more flexible legal arrangement that would enable foreigners to purchase real estate in the country.

Ali Babacan said that Turkish Treasury was working on issuing a rent certificate,.  (source)

CAPITAL MARKETS - Islamic bond may be linked to third bridge

www.hurriyetdailynews.com - Turkey may issue its first sukuk, an Islamic finance tool, to be linked to the toll revenues of a planned bridge over the Bosphorus, daily Vatan claimed without quoting sources. The Treasury has already started a study on the issue, the newspaper said.  (source)