30 November 2010
Daily Market Watch
Market Commentary
The €85bn bailout package for Ireland failed to stem contagion fears, as
yields on Government debt in Spain, Portugal and Italy spiraled up
yesterday. ISE fell by a massive 3.14% in yesterday’s trading driven by the
deterioration in global risk appetite and continued weakening in TL, implying
a month to date downward correction of 6.8% (10.3% in US$ terms). We
may see a positive opening today, tracking the late recovery attempts at US
markets. US Consumer confidence for November and S&P Case Schiller
home price index for September are the major data announcements for
today. Press reports regarding the production of Opel commercial vehicles
at Tofas’s <TOASO TI> plant starting December 2011 is likely to affect the
stock positively today. The yield on the benchmark bond trades 1bps lower,
while TL is 0.21% stronger against the equal basket of dollar and euro , as of
this morning.
Market Figures
Close Daily
1M
ISE-100, TRY
64,072
-3.1%
-6.8%
Trading Vol., TRM mn
3,090
30% 126.7%
MSCI EM Free
1081
0.0%
-2.0%
TRLIBOR, 3M%
7.47 0.6 bps -3.8 bps
Benchmark Bond
7.84 20.0 bps
21 bps
Eurobond -2030
5.40 9.6 bps 22.7 bps
US$/TRY
1.4935
0.30%
3.9%
EUR/TRY
1.9719
0.00%
0.0%
ISE 2010E P/E
12.78
ISE 2011E P/E
11.08
MSCI Emerging Market Indices, in US$ terms
110
105
100
95
MSCI EM Turkey
23/11/2010
16/11/2010
09/11/2010
2011
• The privatization tenders of Istanbul Anadolu, Toroslar and Akdeniz
electricity distributions regions are expected to be held in the second
week of December
• Turkey’s crude steel production in flat steel is set to increase by 50%
YoY in 2010
02/11/2010
Industry News
• BRSA will continue to monitor dividends and bonus payments in
85
26/10/2010
submitted to the Parliament
90
19/10/2010
Headlines & Macroeconomic News
• MPC Minutes
• Draft bill for restructring of some public receivables is being
MSCI EM
MSCI Sector Indices Best/Worst Perform ers
Best 5
Daily
Worst 5
Daily
Softw r&Srvcs
1.6% Retail Index
-1.1%
IS REIT acquired a new land from group companies for Transport Ind.
0.8% Tel. Svc.
-0.6%
TL 53.6 mn.
Inf. Tech.
0.6% Public serv.
-0.4%
Dogan Media’s subsidiary D Yapim’s (D Production) Hlth Care
0.5% Utility
-0.4%
request was accepted and Council of State issued an Tech Hard&Eqp
0.5% Consumer Discr. -0.4%
Corporate News & Trading Ideas
ISGYO TI:
DYHOL TI:
VESTL TI:
AKSEN TI:
ZOREN TI:
TCELL TI:
injunction on the Tax/Fine Notice.
Vestel is evaluating an acquisition opportunity to grow in
built-in market
ISE-100 Best / Worst Perform ers
Rasa Radyator, a subsidiary of Aksa Enerji has applied to Best 5
Daily
Worst 5
obtain a generation license for 900MW NGPP-Positive
DYOBY
6% ISCTR
The US$1 bn financing for Zorlu Enerji’s 800 MW NGPP
investment in Israel has been completed - positive
Turkcell interested in Syria's 3rd GSM license. Neutral.
TOASO TI: Fiat agrees to supply LCVs to Opel from Tofas’ plant.
TAVHL TI: Regarding the construction of a third airport in Istanbul
Calendar
Local Calendar
30/11/2010 Treasury Domestic Borrowing Strategy (Dec-Feb)
30/11/2010 Foreign trade data-November 2010 (Market median call: USD
5.9 bn vs. IS Investment Call: USD 6 bn)
03/12/2010 CPI and PPI for November 2010 (Is Investment call CPI:
1.1%, PPI: 0.6%)
Please refer to important disclaimer at the end of this report.
NETAS
VESTL
TUPRS
GLYHO
5%
3%
2%
1%
TOASO
HALKB
THYAO
KERVT
Daily
-6%
-6%
-6%
-5%
-5%
ISE-100 Top 5 by Trading Volum e
Ticker
Close
Daily
Vol. (TRY m n)
GARAN
8.04 -3.83%
549
ISCTR
5.66 -5.98%
425
HALKB
14.00 -5.72%
124
AKBNK
8.04 -3.83%
122
YKBNK
4.92 -4.28%
115
1
Calendar
Global Calendar
30/11/2010 JN:Nomura/JMMA Manufacturing PMI
JN:Job-To-Applicant Ratio
JN:Overall Hhold Spending (YoY) %
JN:Jobless Rate %
JN:Industrial Production (MoM) %
JN:Industrial Production YOY% %
UK:GfK Consumer Confidence Survey
JN:Labor Cash Earnings YoY %
JN:Vehicle Production (YoY) %
JN:Housing Starts (YoY) %
FR:Producer Prices (MoM) %
FR:Producer Prices (YoY) %
GE:Unemployment Change (000'
s)
GE:Unemployment Rate (s.a) %
EC:Euro-Zone CPI Estimate (YoY) %
EC:Euro-Zone Unemployment Rate %
BZ:Net Debt % GDP %
BZ:Primary Budget Balance
BZ:Nominal Budget Balance
US:S&P/CaseShiller Home Price Ind
US:S&P/CS Composite-20 YoY %
US:S&P/Case-Shiller US HPI
US:S&P/Case-Shiller US HPI YOY% %
US:Consumer Confidence
US:NAPM-Milwaukee
Exp.
0.56
5.00
-3.20
3.10
-19
0.70
9.70
0.40
4.10
-20K
7.50
1.90
10.10
40.60
12,7B
1.00
52.6
Pri.
47.2
0.55
0.00
5.00
-1.60
11.50
-19
0.90
11.40
17.70
0.30
4.20
-3K
7.50
1.90
10.10
41.00
27,8B
11,8B
148.59
1.70
138
3.60
50.2
56
Headlines & Macroeconomic News
MPC Minutes
Central Bank (CBRT) released the minutes of the recent Monetary Policy Committee (MPC) that took place on November
11th. There is not much to chew in the announcement as the Bank plays the same song. On the domestic demand front,
while there has been some moderation in the industrial production in 3Q, some acceleration is expected for the last quarter.
Meanwhile, as the weak trend in the external demand continues, the Bank does not see an immediate threat to inflation from
aggregate demand conditions. Yet, keeping the domestic demand close&closer on the radar, the Bank continues to push
alternative monetary tools forward. Hence the possibility of seeing another move on the reserve requirement front or liquidity
management is being kept alive.
While inflation picture has been suffering from supply-side shock, the Bank underlines the importance of following the
commodity prices and their impact on the pricing behaviour. We agree with the Bank. As chubby domestic demand is giving
pricing power to the producers, we might see price hikes to be triggered if commodity prices go up. We attribute a
considerable weight to this scenario in addition to risk created by possible upward adjustments in the administrated prices.
Indeed the Bank also notes that, monetary policy adjustment would be required if government follows a loose path compared
to the earlier announced Medium Term Fiscal Program.
Knowing CBRT’s base scenario for keeping the policy rates constant to the last quarter of 2011, we still rest our case for rate
hike cycle to begin earlier. Being more concerned on the inflation front, we urge the Bank to act more prudent. Some cautious
time buffer in rate hikes might limit the size of the rate hikes by eliminating the risk of being late. We expect the rate hike
cycle to begin in 2Q2011, adding up to 150 bps through out the year.
Draft bill for restructring of some public receivables is being submitted to the Parliament
Draft bill regarding the restructring of some public receivables is being sent to the Parliament by the government, covering
more than 100 articles. In addition to the earlier mentioned framework there are some other articles, regulating green card
usage in the social security system and support to female employment. Meanwhile re-location of Central Bank, BRSA,
Capital Markets Board and VakifBank to Istanbul is also said to be a part of the package.
We will know more about the framework when we see the full official document. But so far there is not much solid figures to
extract from data in hand. Although there has been some market rumours regarding the size of possible collectables through
this restructing plan, they still stand as urban legend. The application of the related parties will start two months after the
legislation of the bill for restructuring. A more realistic calculation will be possible after seeing the applications and upon the
acknowledgement of Ministry of Finance.
2
Industry News
BRSA will continue to monitor dividends and bonus payments in 2011. Banks will again be informing the BRSA their
planned 2011 dividend payout amounts (from 2010 and/or previous years’ earnings reserves) along with the bonus and other
performance pays to executives and staff prior to their General Assembly meetings. The news suggests that banks’ dividend
payments will again be under close scrutiny by the Watchdog to be able to induce a sustained robustness in banks’ capital
bases. We expect the banks’ payout ratios to be similar to 2009-2010 practices. Neutral, as the market already knows that
dividends will be monitored by the BRSA, yet it is positive for banks’ RWA growth and profitability. (source: Reuters)
The privatization tenders of Istanbul Anadolu, Toroslar and Akdeniz electricity distributions regions are expected to
be held in the second week of December
The PA announced that they plan to complete the privatization tenders of the last three electricity distribution regions
(Istanbul Anadolu, Toroslar and Akdeniz) in the second week of December. The PA also added that they target to complete
the transfer of the privatized electricity distribution regions to the new owners by mid-2011. Ayen Enerji A. . (AYEN TI, NR),
Aksa Elektrik Perakende Satı A. . (Another group company of AKSEN TI, NR), Alsim Alarko Sanayi Tesisleri ve Ticaret
A. . (ALARK TI, PT:TL3.61, MP), Akfen Enerji Da ıtım ve Ticaret A. . (AKFEN TI, PT: TL14.78, OP), Enerjisa Elektrik Daıtım A. . (SAHOL TI, PT: TL8.51, MP), Park Holding A. . (Parent company of PRKTE TI, NR) are among the interested
bidders.
Turkey’s crude steel production in flat steel is set to increase by 50% YoY in 2010
According to Turkish Iron & Steel Producers’ Association (DCUD), Turkey produced 5.66 mn tonnes of crude steel for flat
steel production during Jan-Oct 2010, 49% above the same period in 2009 thanks to new capacities coming from Toscelik,
Colakoglu and Isdemir. MMK Atakas is planning to start hot rolled coil production at the beginning of 2011, and Kibar Holding
and Habas have ongoing investments for flat steel production. Turkey is expected to become a net exporter for flat steel in
the upcoming 2-3 years period accordingly. Total crude steel (long steel and flat steel combined) production of the country is
expected to tap 28.5-29 mn tons level in 2010, representing a 15% YoY increase.
3
Corporate News & Trading Ideas
Is GYO
IS REIT acquired a new land from group companies for TL 53.6 mn.
IS REIT acquired 62,490 sqm land in Tuzla Istanbul from T. Sise Cam
<SISE TI>, Pa abahce Cam, Trakya Cam <TRKCM TI> and Anadolu Cam
<ANACM TI> for TL 53.6mn, corresponding to 5.26% of its total asset
value. Part of the land will be used to construct an operating center for
Bank, which will be leased to the bank for 25 years, generating 8.01% yield
on the total cost. No details provided on the mixed used project planned to
be developed on this including another piece of land purchased earlier this
year at the same location. Potential Positive.
Dogan Yayin
Dogan Media’s subsidiary D Yapim’s (D Production) request was
accepted and Council of State issued an injunction on the Tax/Fine
Notice.
Council of State issued an injunction decision in favor of D Yapim in
regards to the Tax Court’s verdict that formed the basis of Tax/Fine Notice
No.2 amounting to TL1.37bn. Accordingly, in line with the Council of State’s
mentioned decision, there will not be any payment at this stage while the
case will continue to be discussed on the merits. The State Council had
made a similar decision regarding the tax case of Dogan TV nearly 2
months ago. Neutral.
Vestel
Vestel is evaluating an acquisition opportunity to grow in built-in
market
According to the Daily Hurriyet, Vestel may be interested in the acquisition
of an international brand to achieve market share target in built-in products
market. According to the statement given by the Vestel Chairperson, Omer
Yungul, Vestel White Goods sees a significant potential in built-in products
market thanks to the growing construction sector in the country. The
company plans to offer all types of built-in products and grab 25% market
share in a near future. Therefore, the company may evaluate the
opportunity to purchase an international brand company operating in builtin market as a part of its strategy. Slightly positive.
bberki@isyatirim.com.tr
ISGYO TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
OP
Current
1.65
743
408
2010E
16.79
0.81
11.75
1M
2.3
-3.8
45% Upside
Target
2.40
1,080
594
2011E
13.50
0.74
10.37
YtD
5.0
-15.0
ihomris@isyatirim.com.tr
DYHOL TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
NR
Current
1.67
1,670
568
2010E
1M
71.0
21.9
Target
2011E
YtD
28.1
6.7
bdinckoc@isyatirim.com.tr
VESTL TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
NR
Current
2.43
815
677
2010E
1M
3.6
6.9
Target
2011E
YtD
6.5
-23.0
4
Corporate News & Trading Ideas
Aksa Enerji
Rasa Radyator, a subsidiary of Aksa Enerji has applied to obtain a
generation license for 900MW NGPP-Positive
Rasa Radyator, 99.6% subsidiary of Aksa Enerji, has applied to obtain a
generation license from EMRA for its 900MW natural gas based power
plant investment in Bilecik. This project is not one of the announced
projects of Aksa Enerji but within the plans to reach an installed capacity of
4,202MW by 2014. Positive for Aksa Enerji.
Zorlu Enerji
The US$1 bn financing for Zorlu Enerji’s 800 MW NGPP investment in
Israel has been completed - positive
Zorlu Enerji has 25% stake in the company, which will build the so called
Dorad NG powerplant in Ashkelon region in Israel. The total cost of the
investment will be US$1.2 bn, of which US$1 bn will be financed with a
group of financial institutions. The loan will have a 3 years grace period
(until the plant becomes operational) and will be paid back in 17 years. The
interest rate varies between 5.1%-5.6%. Positive news as the project has
been on hold for a while. However, it is also stated that the construction of
the plant will not be undertaken by Zorlu Industrial, which is the contractor
company of Zorlu Group, as it was previously planned. Therefore, although
not confirmed by the company, we think that Zorlu Enerji might sell its 25%
stake in this investment in the mid-term.
Turkcell
Turkcell interested in Syria's 3rd GSM license. Neutral.
Turkcell, along with STC, France Telecom, Etisalat and Otel, has
prequalified for the 3rd GSM license in Syria. With a population of 20.5mn
(36% of which is below the age of 15), the mobile penetration rate is 48%
in Syria in 1H10, while Syriatel and MTN Syria are the existing 2 operators,
operating under BOT licences, which will also be replaced bu full mobile
licences soon. In 2008, Turkcell had been interested in the 55% stake sale
of Syriatel, talks for which was later rumored to be frozen due to US
sanctions against Syriatel’s majority owner Makhlouf. We believe that it is
important for Turkcell to seek growth elsewhere, whether it be
geographically or through finding synergies with other industries, however,
it is too early to comment on such a possible acquisition, and is also
dependent on the price to be paid, even if realized. Neutral.
akumbaraci@isyatirim.com.tr
AKSEN TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
NR
Current
4.94
2,853
143
2010E
Target
2011E
1M
5.4
6.0
YtD
2.5
0.0
akumbaraci@isyatirim.com.tr
ZOREN TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
NR
Current
2.71
763
244
2010E
1M
7.8
-2.4
Target
2011E
YtD
7.3
-28.4
ihomris@isyatirim.com.tr
TCELL TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
UP
Current
10.40
22,880
7,779
2010E
12.15
2.37
7.08
1M
22.9
7.3
3% Upside
Target
10.70
23,540
8,004
2011E
11.28
2.16
6.39
YtD
25.1
-15.4
5
Corporate News & Trading Ideas
Tofas Fabrika
Fiat agrees to supply LCVs to Opel from Tofas’ plant.
Fiat Group has agreed to supply the German automaker Opel with at least
250,000 commercial vehicles starting in December, 2011. The vehicles
based on the Fiat Doblo platform will replace the Opel Combo light
commercial vehicle and will be produced at the Tofas plant in Bursa. The
commercial vehicles will be supplied with the initial amount of 6,000
vehicles from December 2011 for sale by Vauxhall and Opel dealers in
Europe and markets outside of North America. The program is planned to
cover the supply of at least 250,000 units. This will extend the total lifetime
production of new Fiat Doblo platform in the Tofas plant to 1.3 million
units. Thanks to new agreement with Opel, Tofas will increase new Doblo
production to160,000 units from 120,000 units commencing from 2012. The
Opel/Vauxhall design team in Germany is actively involved in the
development of the new models and works in cooperation with the Fiat
Group Automobiles’ Engineering and Design Group in Italy.
Tofas is also working on a new passenger car project which is expected to
replace its Albea model. According to Tofas’ CEO Ali Pandır comments in
daily Hurriyet, the company aims to increase its Bursa plant capacity to
550,000 units from its current level of 400,000 units within the next three
years with an investment amount of €200mn.
TAV Holding
Regarding the construction of a third airport in Istanbul
As had been stated earlier, the construction of a third airport is almost
certain and although a decision has not been taken regarding the exact
location, the Minister of Transpoert stated that it will be located in the
European side of Istanbul. Mr. Yildirim announced that the pax capacity of
the airport will be at least 60mn and the airport will contain two seperate
runways. Note that Ataturk Airport is known to have a capacity of 70mn
pax, yet this has been reduced due to limited parking capacity. The new
airport investment valued at US$5bn will be a BOT tender. On that note,
capacity expansion studies have been continuing as TAV is planning to
acquire the military area at Ataturk to convert it into new parking area. The
location of the third airport is expected to be clarified towards the end of
2011 followed by wind studies in the area. As a result, the project is
estimated to be finalized earliest in 6-10 years. Note that TAV’s contract at
Ataturk will expire by 2020 and when such a tender is launched, the
Company will most probably be one of the bidders. Although we think that
this is a long-term project, it may create a short-term noise on TAV. Slightly
negative.
esuner@isyatirim.com.tr
TOASO TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
MP
Current
7.18
3,590
862
2010E
9.87
2.23
6.75
1M
4.9
-3.1
18% Upside
Target
8.45
4,225
1,014
2011E
9.54
2.10
6.25
YtD
5.3
31.3
ihomris@isyatirim.com.tr
TAVHL TI
(TRY)
Price
Mcap, mn
FF Mcap, mn
(x)
P/E
P/BV
EV/EBITDA
(TRY)
Avg. Vol. Mn
Relative Perf. %
New ly Announced Capital Increases and dividend paym ents (%)
Ticker Rights Issue Bonus Issue Stock Dividend Gross Dividends in Cash
Ex-Date
DOGUB
26.58%
30/11/2010
Base Price
1.21 TL
MP
Current
7.16
2,601
1,144
2010E
22.71
2.85
11.47
1M
6.8
2.5
17% Upside
Target
8.40
3,052
1,343
2011E
19.74
2.68
10.37
YtD
13.1
24.5
Cash Dividend
Per Share Dividend Yield
6
Currency
• Despite a positive opening following the EUR 85bn bailout package F/X Data
•
•
granted to Ireland over the weekend, Eastern European EM currencies
continued post sharp losses yesterday driven by concerns over the
region’s stability. The EUR/USD reached 1.3124 levels yesterday on the
back of on-going economic worries in the Eurozone about Portugal and
Spain after Ireland. UAH (+1.2% against the equally weighted basket) was
the day’s outperformer followed by the THB and the CNY.
TRY continued to underperform the EM average amid uncertainties in
Europe, ending the day down by 0.6% on a basket basis, down 1.1%
against the USD and down 0.1% against the EUR.
In terms of data releases today, on the local front, we have the Treasury
Domestic Borrowing Strategy (Dec-Feb), Foreign trade data-November
2010 (Market median call: USD 5.9 bn vs. IS Investment Call: USD 6 bn).
On the European front we have the Euro-Zone CPI and Unemployment
Rate and the German Unemployment data and the French Producer
Prices. On the US front, we have the S&P/CaseShiller Home Price Ind,
Composite-20, US HPI and Consumer Confidence data releases.
Local Bills and Bonds
As of 29/11/2010
US Dollar
Euro
Euro/US Dollar
Equal Weighted Basket
Change
Daily
-1.13
-0.05
-1.08
-0.52
Close
1.5060
1.9728
1.3100
1.7394
(%)
YTD
-0.46
8.83
-7.48
-5.79
Source: Bloomberg
Daily Performance Against US Dollar(%)
1.0%
UAH
0.5%
0.0%
KZT
-0.5%
ZAR
-1.0%
-1.5%
BRL
CNY
RUB
INR
ARP
RON
TRY
-2.0%
CZK
-2.5%
HUF
-3.0%
PLN
• With increasing worries in the Eurozone and consequently the flight to
•
•
safer assets and a weakening TRY, the local rate market witnessed sharp
sell-offs yesterday. The benchmark traded in a wide range and closed the
day 20 bps up at 8.05% simple (7.84% comp.). The sell-off was
noticeable at the belly and the long-end. The 15/01/20 note ended the day
at 8.87% simple ( 9.07% comp), 10 bps up compared to Friday'
s close.
The Treasury will announce the December-February domestic borrowing
strategy today at 5 pm. The debt service in December is about TL 10bn.
Unless there is a change to the schedule today, all of the auctions in will
take place next week on Monday and Tuesday. Structures to be issued
will be the re-openings of the 20-mo benchmark note, the 7-yr FRN and
the 5-yr fixed coupon note. The Treasury and government officials have
been signalling for a longer dated issue over the last couple of months.
Given the heavy debt service in January, we believe that we might see
the addition of a 20-yr structure to the calendar in today’s release.
Early quotations in the benchmark note this morning are around 7.83%
comp.
8.1
7.5
7.3
7.1
6.9
6.7
Bill
Coupon
Zero
6.5
2
1
3 yr
0.8
0.6
4 yr
Mil TL
04/12*
5 yr
Daily Volume
FRN
Coupon
Zero
Bill
Benchmark Volume: 162.5mil TL
0.4
0.2
• EM eurobonds started the week flat but on the back of the negative
•
TL Yield Curve
7.7
Eurobonds
newsflow in Europe there was a sell-off pressure in global markets and
EM rate and equity markets posted losses. The EUR 85bn aid package
for Ireland was not sufficient to ease worries regarding uncertainties about
the country’s debt stock and its banking sector amid mounting concerns
that Portugal and Spain might also have to apply for an IMF/EU fund in
the near future. With weakening EUR and unsuccessful Italian 3,7 and 10
yr bond issues, uncertainties accentuated in the Eurozone which in return
had a negative effect in EM eurobonds throughout the day. Despite an
initial tightening in CDS spreads following the Irish aid package
announcement on Sunday, PIGS and EM CDS spreads continued to
widen amid uncertainties.
Turkish Eurobonds continued to post losses mainly at the long-end of the
curve. Turkey’s benchmark 2030 note ended the day at 5.38% 8 bps up
compared to the previous day’s level while Turkey 5-yr CDS levels
continued to widen and are currently trading at 149/153 levels.
%
7.9
0.0
0
2-5 yrs
Recommendations
Local Rates:
• 15-01-20 Fixed Coupon Note: We continue to like the longer end of the
curve given the carry.
• Deposits versus short notes: We do not see any value in the short end of
the curve and thus recommend investors to prefer deposits instead at
levels around 8.00%-8.50%. We maintain our call for the CBRT to start
hiking rates in May-2011.
Eurobonds:
• 7.50% 14-Jul-17 USD (HOLD): We continue to like the issue given its
yield versus similar issues.
7
Most Traded Local Bonds & Bills
Instrument
Maturity
Term
Amt
Daily Weekly Last Simple Comp Yld Chg 3 mo Range 3 mo
Orig.
PVBP
Outstd. Volume Volume Traded Yield Yield 1D Wk Low High Avg Dur. Cnvx
Term
* 100
(%)
(%) (bp) (bp) (%)
Price
(M il TL) (M il TL) (M il TL)
(%) (%)
T-Bills
TRB200711T14 20/07/11
8 m 12 m
4,292
2
2
95.664 7.10
7.19
TRB120111T10 12/01/11
6m
6m
1,803
0
70
99.149 7.12
7.35
TRT080812T26 08/08/12 20 m 21 m
-8
0
7.19
7.84
7.47 0.61 0.004
0.58
7.55
7.55
7.35 0.11 0.001
0.12
Zero Coupon Bonds
8,924
591
2,180
88.022 8.05
7.84
20
17
7.56
7.84
7.65 1.63 0.045
1.31
TRT250112T14 25/01/12 14 m 21 m 11,715
177
603
91.892 7.65
7.61
14
-2
7.33
8.13
7.77 1.11 0.019
0.97
TRT250412T11 25/04/12 17 m 21 m 14,278
163
380
90.081 7.85
7.73
12
13
7.50
8.20
7.87 1.35 0.035
1.14
Coupon Bearing Bonds
TRT150120T16 15/01/20 9.1 y 10 y
TRT190111T13 19/01/11
5,675
152
608 110.075 8.87
9.07
10
10
8.41
9.25
8.80 5.86 0.003
6.59
2m
5y
9,316
29
236 100.952 6.82
7.02
-2
-5
6.90
7.57
7.35 0.13 0.113
0.14
TRT060814T18 06/08/14 3.7 y
5y
7,492
8
35 108.900 8.16
8.33
3
7.67
8.77
8.22 2.96 0.004
3.31
This report has been prepared by “ Yatırım Menkul De erler A. .” ( Investment) solely for the information of clients of
Investment.
Opinions and estimates contained in this material are not under the scope of investment advisory services. Investment advisory services are
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8