Inflation rise in Turkey threatens nascent corporate bond market
The development of Turkey’s domestic corporate bond market was coming along nicely until events in the Middle East and North Africa intervened. Now, fears are growing that surging oil prices and a yawning current account deficit could reignite the inflation demon that has held the market back for so long
2011 was meant to be Turkey’s graduation year. In the optimistic scenario, a relatively calm general election (scheduled for June 12) was due to be followed by a series of ratings upgrades that would enable Turkey to finally fulfil its ambition of being an investment grade country. Running alongside this, it was hoped the domestic corporate bond market – in many ways still embryonic – would expand rapidly.
But external events have conspired once again against Turkey. When the turmoil in the
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