Turkey’s antitrust watchdog has launched an investigation into corporate bond issuances, which have seen a resurgence in the wake of the government’s shift towards more traditional economic policies.
Officials from the antitrust body conducted searches at the offices of both local and foreign financial institutions earlier this week, delving into their computers and scrutinizing email communications, according to individuals familiar with the matter who requested anonymity.
The primary focus of this search, as reported by insiders, was on corporate debt sales. However, the precise aspects of the bond sales that have piqued the watchdog’s interest remain undisclosed.
Turkish banks and industrial companies have been quick to seize the opportunity presented by the resurgence in the Eurobond market.
This renewed investor interest comes on the heels of the appointment of a new economic policy leadership team. Their efforts to depart from an ultra-loose monetary policy and combat inflation, which soared to over 80% last year, have made Turkish assets more appealing to investors.
Source: Finance Yahoo