With political turmoil in major emerging markets such as South Africa and trade sanctions on Russia, not to mention serious upheaval in Brazil, oil-importer Turkey is in a position to stand out from the crowd. And while the country's financial markets may be small, the sector is seen as lively and inventive.
Turkey has an established fixed-income market; however in 2015 – with a handful of exceptions – Turkish companies were simply not issuing benchmark bonds. The outlook was so grim that the CEO of Garanti Bankasi, Fuat Erbil, predicted in January of this year that no Turkish bank would issue a Eurobond throughout the whole of 2016.
