Corporate bond issuance news

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1 Corporate bond issuance news Corporate bond issuances New applications for corporate bond issuances are as follows: Application to the Capital Markets Board Company Type of instrument Nominal issuance amount allowed Sale type SGT Sanayi ve Ticari Ürünler Dış Ticaret A.Ş. Debt instrument TL500K Private Placement Finansbank A.Ş. Debt instrument USD1.5bn* International sales Şeker Finansal Kiralama A.Ş. Debt instrument TL100mn Aktif Yatırım Bankası A.Ş. Debt instrument TL2.5bn** IPO or to //Private Placement //Private Placement domestically or internationally Koç Finansman A.Ş. Debt instrument TL295mn Private Placement// Mercedes-Benz Finansman Türk A.Ş. Debt instrument EUR350mn International sales Erişim Faktoring A.Ş. Debt instrument TL35mn Private Placement// Boyner Perakende ve Tekstil Yatırımları A.Ş. *or equivalent in other hard currency or TL Debt instrument TL300mn Private Placement// **or equivalent in hard currency Source: IS Investment, CMB These corporates got approval for a bond issuance: Approved issuances Company Type of instrument Nominal issuance amount allowed Sale type Deniz Faktoring A.Ş. Debt instrument TL1.2bn Türk Ekonomi Bankası A.Ş. Debt instrument USD500mn International sales Source: IS Investment, CMB 1

2 New issuances this week as follows: Notes to be issued this week Issuer Book Building Issuance Date Maturity Total Nominal Issuance amount (TL) Spread Sale type Intermediary Finansbank 28-29/04/ /04/ days 500mn 100 bps IPO Finansinvest Koç Finansman 25-28/04/ /04/ /04/2016 TL50mn 200 bps Aynes Gıda Sanayi ve Ticaret * issuance size could be raised upon demand Source: IS Investment, Borsa Istanbul 02/05/ /05/ year 30mn* 500 bps Garanti Yatırım Is Investment Notes issued last week: ISIN Issuer Trading Date TRFANLZE1410 Analiz Faktoring TRFEKOF71412 Eko Faktoring TRSEKOFE1514 Eko Faktoring TRQDZBKE1419 Denizbank TRQTEBKE1416 T. Ekonomi Bankası Source: IS Investment, Borsa Istanbul Notes issued last week Maturity Date 21/04/ /10/ /04/ /07/ /04/ /10/ /04/ /10/ /04/ /10/2014 Total Issuance amount in TL mn Spread Sale type İntermediary Ak Investment Ak Investment Deniz Yatırım TEB Yatırım Source: IS Investment, Borsa Istanbul 2

3 Corporate bond news Anadolu Efes: Anadolu Efes rival Tuborg to import Weihenstephan, adding a new brand to its portfolio Date: 22/04/2014 Turk Tuborg has announced that they signed an agreement with Bayerische Staatsbraurerei Weihenstephan to import Weihenstephan brand beer to Turkey. Good news for Tuborg signalling that the company is working on expanding its product portfolio with international brands. On Anadolu Efes side, we do not see a major risk as the share of imported brands is limited in Turkey. Please note that Anadolu Efes had 76% share in Turkish beer market as of YE13, while Tuborg s share was estimated at 23%. Arçelik: ARCLK 1Q14: Weak domestic revenues, solid export performance Date: 28/04/2014 Arcelik reported TL131mn of net earnings in 1Q14, parallel to our estimate of TL134mn and the market consensus of TL138mn.1Q14 EBITDA margin of 10.5% came in slightly lower than our estimate of 10.8% and 1Q13's 10.8% but in line with the market consensus of 10.5%. Revenues are up by 15% YoY fuelled by the 34.5% increase in electronics revenues ahead of the World Cup event in June and weak TL. White goods revenues are also up by 16% YoY thanks to weak TL and market share gains in international markets. Other revenues, which are mainly comprised of kitchen appliances and A/Cs were weak on a YoY basis with a 4% decline. On a consolidated basis, domestic revenues declined by 5% YoY due to unfavorable market conditions related to the Municipal elections and the graft probe, while international revenues are up by 31% YoY thanks to depreciating TL against hard currencies, market share gains and improving electronics sales. Arcelik claims that the limitation of installment payments for consumer durables purchases with 9 months did not have a significant impact on the domestic demand. Despite the weak domestic demand pressurizing margins and increasing share of relatively low margin electronics segment in total product mix, Arcelik managed to maintain its EBITDA margin at 10.5% in 1Q14, thanks to the weak currency impact. Working capital to sales ratio slightly deteriorated to 39.2% from 38.9% at YE13. The company stated that the positive currency impact on revenues will be visible in the upcoming quarters leading to a decline in WC/Sales ratio. Arcelik shared its FY14 guidance with the. The company expects 0-2% growth in domestic white goods sales and 8% growth in international white goods volume leading to above 10% growth in consolidated revenues in TL basis EBITDA margin guidance has been given as 10.5% and the long term EBITDA margin target has been kept unchanged at 11%. Arcelik s 2014 guidance overlaps with our estimates but the long term EBITDA margin target seems too aggressive according to our expectations. Analyst: Basak Dinckoc 3

4 Bank Asya: Negative newsflow continues Date: 24/04/2014 Daily Sabah claimed that the Capital Markets Board (CMB) has suspended Bank Asya s sukuk issuances in domestic market due to alleged deterioration in its financials and added that the CMB could not confirm with the banking watchdog any applications for strategic partnership from QIB. Bank Asya investor relations today denied these claims upon our question and said that the strategic partnership talks were ongoing without any interruption. Regarding the sukuk issuances, Bank Asya said there has been no official decision delivered from the CMB. Our take would be neutral as we believe in the QIB s intention to take role in Bank Asya management as it has already disclosed its interest officially. Having said that, negative newsflow might deteriorate investor appetite in the short-term until an official announcement regarding a possible partnership with QIB has been disclosed. Date: 28/04/2014 Stake sale in Yeni Magazacilik has been finalised Bank Asya announced that it has received TL 350mn proceeds from the sale of its 21.84% stake in Yeni Magazacilik (A-101 hard-discount retailer) and recorded TL 303mn profit (before tax). This will increase 2014 estimated net earnings to TL 436mn, indicating 140% growth on annual basis considering the cash in hand will be utilised at similar yields. It will also help CAR by 1.3pts and boost equity by roughly 10%. (Positive) Eregli Demir Celik: EREGL 1Q14: Much better than estimates Date: 25/04/2014 Erdemir reported TL432mn of net earnings in 1Q14, 41% above the consensus estimate of TL307mn and better than our below consensus expectation of TL264mn. Strong revenues and EBITDA margin seem to be main culprits behind this spectacular net income. The results are not comparable with the previous year due to the change in functional currency into US$ from TL in 2H13, which eliminated the FX losses arising from the depreciation of TL against $ in 1Q14. Erdemir sold 2.023mn tons of end products in 1Q14, parallel to the 2.028mn tons sold in 1Q13 and 3% above the 1.958mn tonnes sold in the previous quarter. Share of long steel sales are lower at 17% in 1Q14, down from 22% in 1Q13 and 18% in 4Q13. US$ based average steel prices followed a mixed pattern on a YoY basis, (down by 0.8% for HRC, up by 3.6% for CRC and down by 2.4% for long steel) but the QoQ increase in flat steel prices is remarkable (up by 1.5% for HRC and up by 8.5% for CRC), showing that the company managed to sell more value added products. Depreciation of TL against hard currencies led to a 21% YoY increase in 1Q14 revenues in TL terms reaching TL2.9bn, which is both above our expectation and the market consensus (IS Investment TL2,690mn, market consensus TL2,781mn). 4

5 Adjusted EBITDA came in at TL630mn in 1Q14 with a margin of 21.5%, 44% above the TL443mn EBITDA reported in 1Q13 and 23% above the 4Q13 EBITDA of TL511mn. The 1Q14 EBITDA of TL630mn is 17% and 16% above our estimate of TL538mn and the market consensus of TL542mn, respectively, due to a combination of strong revenues and EBITDA margin. Favorable raw material cost environment is the major explanation behind the improvement in operating profitability. Net debt position fell to TL1.9bn from TL2.7bn in 4Q13. We will go over our estimates following the analyst meeting Analyst: Basak Dinckoc Finansbank: New eurobond issuance Date: 25/04/2014 The bank issued a new USD denominated eurobond with a maturity of 5 years and a size of USD500mn. The issuance was launched at a yield of 6.375%. Currently the note traded at USD and at a yield of 6.07%. Garanti Bank: The bank has secured a US$ 2.07bn equivalent of foreign funding Date: 25/04/2014 Garanti Bank signed a dual tranche US$ 1.5bn equivalent of syndicated loans with an underlying cost of Libor/Euribor + 90bps for 1 year maturity to refinance a US$ 1.4bn facility to be paid next week, indicating 106% roll-over ratio, and a financing of US$ 550mn with a maturity of 20 years through a future flow transaction within the framework of its DPR borrowing program. 5

6 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 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. (www.isinvestment.com) 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 6

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