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2 | ifr special report | May 2010


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Contents


3 Equity pipeline or pipedream? Turkey’s IPO market has never lived up to its potential. Official moves to get more companies listed and instill an equity culture face many difficulties. But bankers are confident that a new crop of IPO candidates could bring the market to life, despite the problems facing equity markets around the world.


8 Turkey on target The Turkish sovereign has had a productive 2010. It has nearly met its yearly funding target while reestablishing itself with the international market through a serious of well timed and executed transactions. It even became one of the few countries in recent times to experience a rating upgrade.


10 The privatisation imperative Turkey’s government mixes a philosophical belief in the need for private ownership with a practical imperative of raising money. The resulting privatisation spree has already created quite a buzz, and will continue to drive most of the activity in Turkey’s capital markets for many years to come.


13 Banks on parade Turkey’s banks have made their annual excursion to the syndicated loan market. The shape of this market in the future will be determined in large part by the extent to which they consider long term bond financing as an alternative. The speed of this transition depends entirely on the regulator, which, for now, is keeping the bond market at arm’s length.


16 League tables


Front cover photo credit: Murad Sezer/Reuters


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