New applications for a corporate bond issuances are as follows: These corporates got approval for bond issuances last week: Approved issuances

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1 Corporate bond news Corporate bond issuances New applications for a corporate bond issuances are as follows: Uğursel Önder uonder@isyatirim.com.tr Bankpozitif Kredi ve Kalkınma Bankası A.Ş. Application to the Capital Markets Board Type of instrument Debt Instrument Nominal issuance amount allowed TL150mn Sale type Qualified investors/private Placement Final Varlık Yönetim A.Ş. Debt Instrument TL29mn Source: IS Investment, CMB These corporates got approval for bond issuances last week: Approved issuances Type of instrument Nominal issuance amount allow ed Yapı ve Kredi Bankası A.Ş. Note/Bond TL1.1bn Türkiye Vakıflar Bankası T.A.O. Note/Bond TL4.3bn Sale type IPO/ / Private placement IPO/ / Private placement Rönesans Holding A.Ş. Note/Bond TL250mn Mersin Uluslararası Liman İşletmeciliği A.Ş. Note/Bond USD600mn International Sales Saray Halı A.Ş. Note/Bond TL75mn IPO Medical Park Sağlık Hizmetleri A.Ş. Note/Bond TL210mn Source: IS Investment, CMB Notes issued last week: Notes issued last w eek r Trading Date Maturity Date Total Issuance amount in TL mn Spread Sale type İntermediary TRQTHALA1318 Halkbank 05/07/ /12/2013 TL750mn 65 bps IPO Halk Yatırım TRQVKFBA1316 Vakıflar Bankası 05/07/ /12/2013 TL696mn 60 bps IPO Vakıf Yatırım TRQVKFB51420 Vakıflar Bankası 05/07/ /05/2014 TL53.99mn 75 bps IPO Vakıf Yatırım 1

2 Notes to be issued : Notes to be issued this week and next r Book Building Trading Date Maturity Date Total Nominal Issuance amount Spread Sale type Intermediary Finansbank A.Ş. Gedik Yatırım Menkul Değerler A.Ş. 8-9 July 11/07/ /12/2013 TL150mn 50 bps IPO Finansinvest 8-9 July 11/07/ /01/2014 TL25mn 110bps IPO Gedik Yatırım Garanti Bankası July 12/07/ /09/2013 TL250mn** 50bps IPO Garanti Yatırım Garanti Bankası July 12/07/ /11/2013 TL200mn** 50bps IPO Garanti Yatırım Garanti Bankası July 12/07/ /12/2013 TL50mn** 60 bps IPO Garanti Yatırım Rönesans Holding A.Ş. T.C. Ziraat Bankası A.Ş. Mercedes Tüketici Finansmanı A.Ş 11-Jul 15/07/ /07/2016 up to TL250mn bps Qualified investors İş Yatırım Jul 17/07/ /11/2013 TL400mn* 50 bps IPO Ziraat Yatırım 18-Jul 22/07/ /07/2015 TL75mn 135 bps Qualified investors İş Yatırım *can go up to TL500mn upon demand ** the total issuance amount can go up from TL500mn to1bn upon demand 2

3 Private placements and issuances to qualified investors in 2013 YtD: Amount in TL mn Issuance type İssue date Maturity pricing yield % (simple) Spread (bps) TRSDDKF11523 DD Konut Finansmanı 30 Private placement 08/01/ /01/ TRSKCTF11513 Koç Tüketici Finasmanı 100 Private placement 17/01/ /01/ TRSALNF11518 Alternatifbank 50 Private placement 17/01/ /01/ TRQALNF71318 Alternatifbank /01/ /07/ TRSCFAK11513 C Faktoring 25 Private placement 22/01/ /01/ TRSNURL11511 Nurol Yatırım Bankası 100 Private placement 24/01/ /01/ TRSGLMD11512 Global Yatırım Holding A.Ş. 75 Private placement 25/01/ /01/ TRSNTHL11514 Net Holding 100 Private placement 01/02/ /01/ TRSVTBC21518 VTB Capital 300 Private placement 04/02/ /02/ TRSMDPK21514 Medical Park Sağlık Hizmetleri 100 Private placement 14/02/ /02/ % 460 TRSAKFT21516 Ak Faktoring 15 Private placement 20/02/ /02/ TRSLYEU21515 Limak Yatırım Enerji Üretim 150 Private placement 21/02/ /02/ TRFTKFC81315 Tekstil Faktoring 25 25/02/ /08/ TRSDZBK31416 Denizbank 3.6 Private placement 25/02/ /03/ TRFGRFT81311 Girişim Faktoring 50 Private placement 01/03/ /08/ TRSTATK31516 Tat Konserve Sanayii 50 14/03/ /03/ % 165 TRSDDKF11531 DD Konut Finansman 30 14/03/ /01/ % TRSAKBK41413 Akbank /03/ /06/ % 70 8% annual interest TRSERGL31517 Ereğli Demir Çelik /03/ /03/ % 150 TRQFIBA91317 Fibabanka 10 19/03/ / % TRSFIBA31517 Fibabanka 85 19/03/ /03/ % TRSGLMD41618 Global Yatırım Holding 75 03/29/ /04/ % 450 TRSISFN41513 İş Leasing 50 05/04/ /04/ % 150 TRSULFK41519 Ulusal Faktoring 50 10/04/ /01/ % 350 bps TRQDZBKE1310 Denizbank /04/ /10/ % 75 bps TRSAKBK41421 Akbank /04/ /04/ % TRSTBTFE1414 TEB Cetelem Tüketici Finansmanı 50 18/04/ /10/ % 210 bps TRSBEDS41611 Başkent Elektrik Dağıtım /04/ /04/ % 200bps TRQAKYBE1322 Aktif Yatırım Bankası /04/ /10/ % TRQAKYB41426 Aktif Yatırım Bankası 50 15/04/ /04/ % TRSAYGZ31511 Aygaz /04/ /03/ bps TRQAKYBE1348 Aktif Yatırım Bankası /04/ /10/ % TRSCLKM41513 Çelik Motor 50 22/04/ /04/ % TRSMMRT41510 Martı Otel İşletmeleri A.Ş /04/ /04/ % 450 bps TRSDEVA61615 Deva Holding /05/ /06/ % 300 bps TRSDDKF51511 DD Konut Finansman A.Ş /05/ /05/ % 200 bps TRFDZFK81328 Deniz Faktoring 45 08/05/ /08/ % TRFDZFKK1311 Deniz Faktoring 55 08/05/ /11/ % 3

4 Private placements and issuances to qualified investors in 2013 YtD (continued): Amount in TL mn Issuance type İssue date Maturity pricing yield % (simple) Spread (bps) TRSTPFC51518 Creditw est Faktoring 50 21/05/ /05/ % 290bps TRQAKBK81314 Akbank /05/ /08/ % 55bps TRSKPTL51519 Kapital Faktoring 75 16/05/ /05/ % TRSATFK51414 Atılım Faktoring 30 16/05/ /05/ % TRQAKYBK1332 Aktif Yatırım Bankası /05/ /11/ % TRSBFOK51512 Beyaz Filo Oto Kiralama 50 24/05/ /05/ % 525 bps TRFFBFKK1317 Fiba Faktoring 50 27/05/ /11/ % TRSEKOF51516 Eko Faktoring A.Ş /05/ /05/ % 375 bps TRFTKFCK1310 Tekstil Faktoring A.Ş /05/ /11/ % 140 bps TRPCGDF51517 Çağdaş Faktoring 30 03/06/ /05/ % 350 bps TRSKFTF11516 Koç Fiat Kredi Finansman A.Ş /05/ /01/ TRSKFTF51512 Koç Fiat Kredi Finansman 50 27/05/ /05/ % TRSKCTF51519 Koç Finansman 50 27/05/ /05/ % TRSVDTFA1412 Volksw agen Doğuş Tüketici Finansmanı /06/ /12/ TRQALNFK1314 Alternatifbank /05/ /11/ % TRDABVK51411 Aktifbank Sukuk Varlık Kiralama A.Ş /05/ /05/ % TRFDZFKK1329 Deniz Faktoring 50 29/05/ /11/ % TRSERTT61510 Ereğli Tekstil Turizm /06/ /06/ % TRSAKBK81419 Akbank /05/ /08/ % TRSTHEHA1417 TRSAKBK81427 The House Cafe Turizm ve Ticaret A.Ş. Akbank /06/ /12/ /07/ /08/ % 170 bps 7.26% 175 bps 11.36% 7.48% Total 4,

5 Corporate bond IPOs 2013 YtD Amount in TL mn Issuance type İssue date Maturity pricing yield (comp) Spread TRFGRFK61312 Garanti Finansal Kiralama 75.5 IPO 07/12/ /06/ % 105 bps TRQDZBK31329 Denizbank IPO 12/12/ /03/ % 70 bps TRQDZBK51319 Denizbank IPO 12/12/ /05/ % 80 bps TRSINGB11411 ING Bank IPO 15/01/ /01/ % 100bps TRQINGB71310 ING Bank IPO 15/01/ /07/ % 80bps TRQGRAN41324 Garanti Bank IPO 14/01/ /04/ % 50bps TRQGRAN71313 Garanti Bank IPO 14/01/ /07/ % 60bps TRSGRAN11414 Garanti Bank IPO 14/01/ /01/ % 75bps TRQTISB61313 İş Bankası IPO 14/01/ /06/ % 60bps TRSTISB11413 İş Bankası IPO 14/01/ /01/ % 70bps TRSTISB11512 İş Bankası IPO 14/01/ /01/ % 80bps TRQVKFB61320 Vakıfbank 116 IPO 18/01/ /06/ % 70bps TRQVKFB71311 Vakıfbank IPO 18/01/ /07/ % 85bps TRQVKFB11416 Vakıfbank 150 IPO 18/01/ /01/ % 100 bps TRQDZBK51327 Denizbank IPO 30/01/ /05/ % 70bps TRQDZBK71325 Denizbank IPO 31/01/ /07/ % 80bps TRSDZBK21615 Denizbank IPO 01/02/ /02/ % 200bps TRQTCZB81319 T.C. Ziraat Bankası 400 IPO 02/08/13 08/02/ % 60 bps TRQTCZB51312 T.C. Ziraat Bankası 300 IPO 10/05/13 08/02/ % 50 bps TRQTISB81311 T. İş Bankası A.Ş IPO 13/02/13 12/08/ % 60bps TRSTISB11413 T. İş Bankası A.Ş IPO 13/02/13 29/01/ % 70bps TRQGRAN51323 Garanti Bank IPO 11/02/13 10/05/ % 50 bps TRSGRAN21413 Garanti Bank IPO 11/02/13 14/02/ % 75bps TRSGRAN21512 Garanti Bank IPO 11/02/13 09/02/ % 100bp TRQYKBK71315 Yapı ve Kredi Bankası IPO 21/02/13 17/07/ % 60bps TRQYKBKA1316 Yapı ve Kredi Bankası IPO 21/02/13 04/12/ % 90bps TRSZFKL21510 Ziraat Finansal Kiralama 75.0 IPO 21/02/13 19/02/ % 180bps TRQTISB51322 İş Bankası 300 IPO 22/02/13 15/05/ % 50bps TRFGDKM81316 Gedik Yatırım MD 40 IPO 01/03/13 27/08/ % 160bps TRDASVK31417 Asya Katılım Bankası A.Ş. 125 IPO 05/03/12 04/03/14 Annual revenue sharing at 7.10% TRSTEBK41416 Türk Ekonomi Bankası A.Ş IPO 05/03/13 14/04/ % TRFISMD91314 İş Yatırım Menkul Değerler A.Ş. 115 IPO 07/03/13 02/09/ % 80 bps TRSTISB41410 Türkiye İş Bankası 150 IPO 26/03/ /04/ % 70 bps TRQTISB61321 Türkiye İş Bankası 350 IPO 26/03/ /06/ % 50 bps TRQTISB91310 Türkiye İş Bankası 550 IPO 26/03/ /09/ % 60 bps TRSDZBK91410 Denizbank 25 IPO 20/03/ /09/ % 120 bps TRSDZBK41415 Denizbank 23 IPO 20/03/ /04/ % 100 bps TRQDZBK91315 Denizbank 230 IPO 20/03/ /09/ % 70 bps 5

6 Corporate bond IPOs 2013 YtD (contd) Amount in TL mn Issuance type İssue date Maturity pricing yield Spread TRSTCZB41426 T.C. Ziraat Bankası 100 IPO 22/03/ /04/ % 75 TRQTCZB91318 T.C. Ziraat Bankası 300 IPO 22/03/ /09/ % 60 TRQFNBK91316 Finansbank 400 IPO 20/03/ /09/ % 75 TRQGRAN71321 Garanti Bank 450 IPO 01/04/ /07/ % 50 TRQGRAN91311 Garanti Bank 150 IPO 01/04/ /09/ % 60 TRSGRAN41411 Garanti Bank 150 IPO /04/ /04/ % 75 TRQFNBK91324 Finansbank 600 IPO 04/04/ /09/ TRQYKBK11410 Yapı ve Kredi Bankası 250 IPO 11/04/ /10/ % 65 TRQYKBKE1312 Yapı ve Kredi Bankası 100 IPO 11/04/ /01/ % 75 TRSDZBK41613 Denizbank IPO 10/04/ /04/ % 115 TRQDZBKE1310 Denizbank IPO 10/04/ /10/ % 75 TRQTISBE1315 İş Bankası IPO 10/04/ /10/ % 60 TRQTISB71312 İş Bankası IPO 10/04/ /07/ % 50 TRSTISB51419 İş Bankası IPO 11/04/ /05/ % 70 TRQTCZBE1312 T.C. Ziraat Bankası 300 IPO 10/04/ /10/ % 60 TRQTCZB71310 T.C. Ziraat Bankası 300 IPO 10/04/ /07/ % 50 TRQTCZB81327 T.C. Ziraat Bankası 300 IPO 10/05/ /08/ % 50 TRQTCZBK1314 T.C. Ziraat Bankası 400 IPO 10/05/ /11/ % 60 TRQTISB81329 İş Bankası IPO 15/05/ /08/ % 50 TRQTISBK1317 İş Bankası IPO 15/05/ /11/ % 60 TRSTISB51427 İş Bankası 77.6 IPO 16/05/ /05/ % 70 TRQDZBK91323 Denizbank IPO 15/05/ /09/ % 65 TRQGRAN91329 Garanti Bankası IPO 16/05/ /09/ % 60 TRSGRAN51410 Garanti Bankası IPO 16/05/ /05/ % 75 TRQGRAN81312 Garanti Bankası IPO 16/05/ /08/ % 50 TRQVKFB51412 Vakıflar Bankası IPO 17/05/ /05/ % 75 TRQVKFBK1322 Vakıflar Bankası IPO 17/05/ /11/ % 65 TRQYKBKK1322 Yapı ve Kredi Bankası IPO 16/05/ /11/ % 65 TRQYKBK31418 Yapı ve Kredi Bankası IPO 16/05/ /03/ % 75 TRSTEBK61416 Türk Ekonomi Bankası IPO 21/05/ /06/ % 120 TRSPKPB61517 Pakpen A.Ş IPO 04/06/ /06/ % 400 TRSBOSA61416 Bossa T.A.Ş IPO 04/06/ /06/ % 250 TRSBOSA61515 Bossa T.A.Ş IPO 04/06/ /06/ % 450 TRQYKBKE1320 Yapı ve Kredi Bankası IPO 10/06/ /10/ % 55 TRQYKBK61415 Yapı ve Kredi Bankası IPO 10/06/ /06/ % 55 TRQTISBE1323 İş Bankası 340 IPO 28/06/ /10/ % 50 TRQTISBK1325 İş Bankası 660 IPO 28/06/ /11/ % 60 TRSTISB81416 İş Bankası 81.1 IPO 28/06/ /08/ % 70 TRQFNBKA1316 Finansbank IPO 26/06/ /12/ % 40 TRQTHALA1318 Halkbank 750 IPO 05/07/ /12/ % 65 TRQVKFBA1316 Vakıflar Bankası 696 IPO 05/07/ /12/ % 60 TRQVKFB51420 Vakıflar Bankası IPO 05/07/ /05/ % 75 Total 19,

7 Corporate bond news Alternatifbank: Turkish banking authority (BRSA) has approved the stake sale of the bank Date: 02/07/13 Anadolu Group companies Celik Motor, Anadolu Motor, Efes Pazarlama ve Dagitim and Anadolu Endustri Holding s shareholder Ozilhan Yatirim had signed an agreement to sell their 70.84% stake to Commercial Bank of Qatar. Following the completion of the deal, Celik Motor, Efes Pazarlama ve Dagitim and Ozilhan Yatirim have no longer any stakes at Abank, while AEH will still remain holding ca.24% stake. The total indirect stake of Yazicilar Holding (YAZIC) will decrease to 17% from current 61.11%. Akfen Holding: Akfen Holding s wholly owned subsidiary acquired a stake in real estate project for TL60mn Date: 03/07/13 Akfen Holding s wholly owned subsidiary Akfen Construction has purchased Akfen GYT s stake at Incekloft, as previously announced. Incekloft is a mix-used office and residential real estate project of 271,967sqm in capital Ankara. The deal value of TL60mn is assigned by two real estate appraisal company. TL7.3mn is paid in cash, while the remaining is deducted from the loan previously extended to Akfen GYT. Accordingly, Akfen Construction will have 98.6% share in the project. Akfen Construction s contribution to our sum of the parts valuation is only 2%. We may revise the valuation for Akfen Insaat, depending on the progress at the project, yet neutral at this stage. Coca Cola İcecek: The company authorized 4 brokerage firms for Eurobond issuance Date: 05/07/2013 According to Reuters, Coca Cola İçecek authorized 4 brokerage firms (Barclays, Citi, HSBC ve JPMorgan) for Eurobond issuance. Note that the company had US$754mn net debt position as of end March 2013 and 90% of this amount is due for In order to refinance its loans, the company had completed the US$300mn bond issuance back in May 30th, 2013 and the rest of the amount was expected to be refinanced with another bond issuance. Global Investment Holding: GLYHO submitted bid for Port of Bar Date: 02/07/13 Global Holding announced that its fully subsidiary Global Liman Isletmeleri has submitted bid for the privatization tender of Port of Bar (Montenegro) as of today. The privatization includes the unlisted 62.09% share (owned by Montenegro government, while remaining is free float) of Kontejnerski Terminal (KOGE ME), which has the right to operate the Port of Bar for a period of 30 years. The current Mcap of the stands at 22.5mn. We deem the news as neutral at this point. Global Investment Holding to bid for Greek ports Date: 08/07/2013 Global Ports Holding, 100% subsidiary of Global Investment Holding, announced that it has qualified for the tender of Greek marina and tourist ports group consisting of Alimos, Nea Epidaurus, Hydra and Poros. The tender includes the operational right of the ports for a period of 40 years. 7

8 Sisecam: Sisecam is interested to acquire Govora, the Romanian subsidiary of the listed Polish soda ash producer Ciech. (Mergermarket) Date: 03/07/2013 According to Mergermarket website and Polish newspaper of Dziennik Gazeta Prawna, Sise Cam is interested to acquire Govora, the Romanian subsidiary of the listed Polish soda ash producer Ciech. Based on the report, Ciech attached more than EUR 80m value for Govora. Note that Govora s soda ash production capacity is 430,000 tonnes/ year while Sise Cam s soda ash company Soda Sanayii has a total of production capacity of 2 mn tons/year. Sise Cam management did not make a comment on the news. 8

9 This report has been prepared by İş Yatırım Menkul Değerler A.Ş. (İş Investment) solely for the information of clients of İş Investment. Opinions and estimates contained in this material are not under the scope of investment advisory services. Investment advisory services are given according to the investment advisory contract, signed between the intermediary institutions, portfolio management companies, investment banks and the clients. Opinions and recommendations contained in this report reflect the personal views of the analysts who supplied them. The investments discussed or recommended in this report may involve significant risk, may be illiquid and may not be suitable for all investors. Investors must make their decisions based on their specific investment objectives and financial positions and with the assistance of independent advisors, as they believe necessary. The information presented in this report has been obtained from public institutions, such as Istanbul Stock Exchange (ISE), Capital Market Board of Turkey (CMB), Republic of Turkey, Prime Ministry State Institute of Statistics (SIS), Central Bank of the Republic of Turkey (CBT); various media institutions, and other sources believed to be reliable but no independent verification has been made, nor is its accuracy or completeness guaranteed. All information in these pages remains the property of İş Investment and as such may not be disseminated, copied, altered or changed in any way, nor may this information be printed for distribution purposes or forwarded as electronic attachments without the prior written permission of İş Investment. ( This research report can also be accessed by subscribers of Capital IQ, a division of Standard & Poor's. For more information, please visit Capital IQ's web site at 9