13 - 14 November 2019
Shangri-La Bosphorus, Istanbul


13th November 2019

Registration and Coffee
Chairman’s opening remarks
Keynote address: Boosting liquidity and enhancing efficiencies in Turkey’s capital markets
  • Turkey’s capital markets and Borsa Istanbul’s role and mandate
  • Reference interest rate index
  • Boosting swap market liquidity
Tightening monetary policy, fluctuating interest rates and FX restrictions: How is Turkey’s economic and fiscal agenda for 2019/20 affecting the bonds and loans markets?
  • Balancing interest rates vs. managing FX volatility vs. encouraging growth: How does the government plan to sustain a steady monetary policy, implement a new tax structure and ensure fiscal discipline?
  • Monetary policy and interest rates strategy: What is the new equilibrium (benchmark) rate of interest?
  • How will the new benchmark rate impact on bonds and loans activity?
Rates, FX, trade, politics and markets: How is Turkey’s economy responding to international and domestic uncertainty?
  • Expectation in a year of elections: How do investors, lenders and issuers feel about Turkey’s outlook in Q4 and for the first half of 2020?
  • How is Turkey’s economy responding to international and domestic volatility?
  • What will be the impact of general geopolitical tensions on Turkey’s capital flows?
  • Examining what impact the shifting supply and demand dynamics in the oil sector will have on Turkey’s economy?
Coffee and networking break
Understanding the benefits of alternative funding: What steps do issuers need to take to ensure diversification is part of their long-term funding strategy?
  • Sourcing alternative funding: What factors should be considered when diversifying funding mix? What other options are available away from EUR/USD?
  • Restoring investor confidence in Turkey: What critical success factors do international investors need to restart long-term investment into the Turkish market?
  • Potential IMF collaboration: How can Turkey benefit from this supportive relationship?
  • Looking to the Middle and Far East: How can Gulf investment interest in Turkey be measured? Is it more forthcoming than Asian investment?
  • ECAs a vehicle for alternative funding: What are the challenges facing ECAs in the Turkish market?
  • Brigitte Posch, Managing Director, Head of Emerging Markets, Apollo Asset Management

Evolution of Environmental, Social Governance (ESG) and sustainable finance in Turkey: How to capitalise on Turkey’s green effort
  • Increased international appetite for ESG as an investment tool: How can Turkish issuers improve ESG scores? What do investors expect versus reality?
  • What steps do issuers and investors need to take to issue green for the first time in Turkey?
  • Which Turkish corporates are developing sustainable finance products? What are criteria are they looking for in their banking relationship?
  • Green bonds vs. green loans: What lessons can Turkey learn from successful green issuances, particularly in Latin America? How can this be applied to the Turkish market?
How are Turkey’s blue-chips approaching the capital markets in an unpredictable economic environment?
  • How do Turkish treasury and funding teams interpret ongoing FX exposure and turbulent bonds and loans markets over the next 6 – 12 months?
  • Can the economy be buoyed by mid-tier corporates who are less at risk?
  • What impact does the hesitancy towards foreign currency loans have on blue-chips’ funding portfolio? What alternatives are available?
  • Bonds vs. Loans, USD/EUR vs. TRY: Which options are more favourable to Turkish corporates? How will the supply/ demand for each evolve over the next 6-12 months?
  • ECA opportunities for Turkish corporates: How can institutions leverage ECAs’ desire to issue long-term local currency loans?
Networking lunch sponsored by MUFG
Evaluating steps that need to be taken to encourage the nascent Islamic finance market in Turkey
  • What are the potential implications for the market if Turkey debuts its first offshore corporate sukuk?
  • New deals are on the horizon but is pricing prohibiting issuances?
  • Where should Turkey look for sukuk investment? Importance of tapping into developed sukuk markets with spotlight on Malaysia and Indonesia
  • How much appetite do Asian investors have for Turkish sukuk?
  • How can issuers develop relationships with Islamic focused investors to encourage more activity?
Understanding the current credit market in light of a changing economy: How are investors pricing Turkish bonds?
  • Politics, market dynamics and credit ratings: How is uncertainty being priced into Turkish bonds?
  • With potential downgrades on the horizon, how are investors hedging their exposure to Turkey?
  • What steps do banks and issuers need to take to increase liquidity in the bond market?
  • Methods to balance pricing in order to encourage issuers to come to market
  • Looking Eastwards: Gauging Asian investor appetite in Asia for Turkish bonds and sukuk
  • One Belt One Road: What Chinese projects will come online in Turkey over the coming months?
Networking Break
What are the new demand and supply dynamics driving Turkey’s syndicated loan markets?
  • Shortened tenors as a result of fluctuating commercial lending Is issuing a multi-tranche, multi-currency loan in the current economic climate still viable? How will pricing be impacted following a year of elections?
  • With banks reluctant to lend amidst current uncertainty, what options do local borrowers have to continue their current syndication pipeline? this line of syndications?
  • New players and products in the market: Where are they looking to lend? How do new products add value to an already competitive syndicated loan market?
  • Assessing blockchain as a tool for diversifying Turkey’s syndicated loan portfolios
Examining long term TRY financing as an alternative to foreign currency lending
  • Increased growth in TRY loans with particular focus on injecting capital into the SME portfolio: What structures are working?
  • Transitioning from 3 and 4 year maturities to long-dated TRY financing: What options are on the table?
  • How can bankers, issuers and investors work together to increase tenors on local deals from 3-4 years to 10 years plus?
  • How is the volatility of other major EM currencies against the lira impacting long term TRY financing as a viable option?
Chairman’s closing remarks followed by evening reception

14th November 2019

Registration and coffee
Chairman’s opening remarks
Unlocking Turkey’s distressed asset potential: How restructuring can provide a platform for the return of international investors
  • Understanding legal challenges to accelerate restructuring agreements: Methods to bridge the gap between previous, new securities and understanding implications of non-compliance
  • Stimulating refinancing by converting NPLs into a useable product to maximise proceeds
  • What do investors need to see from corporates with large foreign debt portfolios to take the plunge to invest?
  • How can corporates increase liquidity levels and restructure foreign debt assets to gain an attractive price for investors?
Refinancing Turkish projects, CAPEX and first time project financing: A question of education and understanding where to turn
  • Back on the road to refinancing: What are the critical success factors project finance teams need to employ to secure longer tenors and competitive pricing?
  • Can upcoming refinancings be absorbed into the active Eurobond market?
  • PPPs and the evolution of project bonds: Investors are exiting long-term projects, how are developers going to fill the funding gap? Which structures allow for access to new capital? How can project bonds work for different investors?
  • Coming and going: Which international investors are looking to sponsor projects previously sponsored by larger local players?
  • Using ECAs as a vehicle for first time project financing: What are the benchmark criteria companies should employ?
  • Can government incentives be a tool to alleviate international concern in the first time project space?
Coffee and networking
Financing Turkey’s energy sector post-2020: What steps need to be taken to ensure local and international investment into renewables continues following changes in regulation?
  • How can Turkish developers re-engage international interest to demonstrate the door for investment is still open? What other renewable projects are on the table?
  • Is the rigorousness of the regulation deadline keeping away investors or protecting TRY financing in the energy sector?
  • What are the government provisions for Non-Performing Loans (NPLs) in the energy sector?
  • ECAs, DFIs and IFIs: Will their appetite to lend to energy projects in Turkey change in light of the regulation? How can developers secure more funding from these lenders?
Critical success factors to ensure continued Asian investment into Turkey: Are Asian players in the Turkish market ready to lend?
  • One Belt One Road: What Chinese projects will come online in Turkey over the coming months?
  • How to convert interest into active investment in Turkish projects
  • How can Turkish corporates attract Chinese investment?
  • Will Asian investors follow Chinese banks into Turkey?
Turkey Deals of the Year Case Study Roadshow

The session reviews the leading transactions from the past year. A selection of the shortlisted nominees of the Bonds, Loans & Sukuk Turkey Deals of the Year will present their transactions, and by analysing the borrowers’ objectives, deals’ structure, market response and investor sentiment, highlight what made them so innovative and ground-breaking. For borrowers, this is your opportunity to hear about accessing new markets to secure financing. Categories in the awards include:

  • Financial Institutions Deal of the Year
  • Project Finance Deal of the Year
  • 144a/RegS Bond/Sukuk Deal of the Year; Islamic Finance Deal of the Year; Structured Loan
  • 144a/RegS Bond/Sukuk Deal of the Year; Structured Bond Deal of the Year
  • IPO/Equity Capital Markets Deal of the Year
Chairman’s closing remarks followed by networking lunch sponsored by MUFG and close of conference