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No signs of funding stress in Turkey banking system -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This image shows Turkish Lira Banknotes. It was taken in Istanbul Turkey, November 23, 2021. REUTERS/Murad Sezer/Illustration

LONDON, Reuters – JPMorgan (NYSE 🙂 stated that it does not see any signs of financial stress in Turkey’s banking sector at the moment and suggested going over some subordinated bonds from lenders Garanti or Akbank.

Konstantin Rozantsev, JPMorgan’s credit risk manager wrote that “credit risks in Turkey haven’t increased materially over the recent weeks.” He added that stabilising market conditions would offer higher upside for these bonds in a late Thursday note.

There are currently no indications of financial stress within the banking system. Our biggest credit concern is the possibility that an FX move could trigger external debt rollover issues or deposit volatility. These risks are far away from our eyes.

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