BLOOMBERG/KEREM UZEL
Turkey’s sovereign wealth fund plans to tap international bond markets next year once the quality of its debt has been assessed by global ratings companies, reported Bloomberg.
Turkiye Varlik Fonu Yonetimi will first complete its financial reports with the help of an international consultancy firm and the bond sale is targeted for the first half of 2020.
The sovereign fund will invest in the country’s troubled energy industry, as well as in the petrochemicals and mining sectors. It also pledged to buy a third of an unfinished government project for TRL 1.67 billion ($285 million) to create a finance centre in Istanbul.
Zafer Sonmez, the Chief Executive Officer Turkiye Varlik Fonu Yonetimi, said that the fund would prepare a comprehensive bond-issuance programme in the last quarter of this year.
The fund was founded in 2016 to safeguard what was estimated to be $200 billion worth of assets and spur large-scale investments in various industries. It holds a number of assets taken over from Turkey’s Treasury, including stakes in state lenders Turkiye Halk Bankasi and TC Ziraat Bankasi.
The Turkish fund also owns stakes in Turkish Airlines, the country’s biggest telecommunications firm and the Borsa Istanbul.
MOST READ
BUSINESS
Salt Bae backers seek a partner and a $1...BUSINESS
Oman plans to launch new regional airline
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post