New applications for a corporate bond issuances are as follows: Application to the Capital Markets Board

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1 Corporate bond news Corporate bond issuances New applications for a corporate bond issuances are as follows: Application to the Capital Markets Board Type of instrument Nominal issuance amount allowed Sale type Şekerbank T.A.Ş. Debt Instrument EUR300mn International sales/qualified investors Optima Faktoring A.Ş. Debt Instrument TL50mn IPO Source: IS Investment, CMB These corporates got approval for bond issuances last week: Approved issuances Type of instrument Nominal issuance amount Sale type Reysaş Gayrimenkul Yatırım Ortaklığı A.Ş. Note TL50mn Qualified investors Finans Bank A.Ş. Note/Bond TL1.6bn IPO/Qualified investors Şekerbank T.A.Ş. Bond TL500mn IPO/ Qualified investors/ Private placement The House Cafe Turizm ve Ticaret A.Ş. Note TL3.8mn Qualified investors Source: IS Investment, CMB Notes to be issued: Notes to be issued r Book Building Trading Date Maturity Date Total Nominal Issuance amount in TL mn Sale type Type of instrument Gedik Yatırım Menkul Değerler 8-9 July 11/07/ /01/ IPO Note Uğursel Önder

2 Private placements and issuances to qualified investors in 2013 YtD: ISIN 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 100 Qualified investors 17/01/ /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 Qualified investors 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 Qualified investors 14/03/ /03/ % 165 TRSDDKF11531 DD Konut Finansman 30 Source: IS Investment, Borsa Istanbul Qualified investors 14/03/ /01/ % TRSAKBK41413 Akbank 100 Qualified investors 18/03/ /06/ % 70 8% annual interest TRSERGL31517 Ereğli Demir Çelik 200 Qualified investors 13/03/ /03/ % 150 TRQFIBA91317 Fibabanka 10 Qualified investors 19/03/ / % TRSFIBA31517 Fibabanka 85 Qualified investors 19/03/ /03/ % TRSGLMD41618 Global Yatırım Holding 75 Qualified investors 03/29/ /04/ % 450 TRSISFN41513 İş Leasing 50 Qualified investors 05/04/ /04/ % 150 TRSULFK41519 Ulusal Faktoring 50 Qualified investors 10/04/ /01/ % 350 bps TRQDZBKE1310 Denizbank Qualified investors 10/04/ /10/ % 75 bps TRSAKBK41421 Akbank 18.6 Qualified investors 10/04/ /04/ % TRSTBTFE1414 TEB Cetelem Tüketici Finansmanı 50 Qualified investors 18/04/ /10/ % 210 bps TRSBEDS41611 Başkent Elektrik Dağıtım 350 Qualified investors 15/04/ /04/ % 200bps TRQAKYBE1322 Aktif Yatırım Bankası 100 Qualified investors 15/04/ /10/ % TRQAKYB41426 Aktif Yatırım Bankası 50 Qualified investors 15/04/ /04/ % TRSAYGZ31511 Aygaz 150 Qualified investors 17/04/ /03/ bps TRQAKYBE1348 Aktif Yatırım Bankası 100 Qualified investors 26/04/ /10/ % TRSCLKM41513 Çelik Motor 50 Qualified investors 22/04/ /04/ % TRSMMRT41510 Martı Otel İşletmeleri A.Ş. 40 Qualified investors 29/04/ /04/ % 450 bps TRSDEVA61615 Deva Holding 100 Qualified investors 03/05/ /06/ % 300 bps TRSDDKF51511 DD Konut Finansman A.Ş. 30 Qualified investors 07/05/ /05/ % 200 bps TRFDZFK81328 Deniz Faktoring 45 Qualified investors 08/05/ /08/ % TRFDZFKK1311 Deniz Faktoring 55 Qualified investors 08/05/ /11/ % 2

3 Private placements and issuances to qualified investors in 2013 YtD (continued): ISIN Amount in TL mn Issuance type İssue date Maturity pricing yield % (simple) Spread (bps) TRSTPFC51518 Creditw est Faktoring 50 Qualified investors 21/05/ /05/ % 290bps TRQAKBK81314 Akbank 400 Qualified investors 21/05/ /08/ % 55bps TRSKPTL51519 Kapital Faktoring 75 Qualified investors 16/05/ /05/ % TRSATFK51414 Atılım Faktoring 30 Qualified investors 16/05/ /05/ % TRQAKYBK1332 Aktif Yatırım Bankası 100 Qualified investors 20/05/ /11/ % TRSBFOK51512 Beyaz Filo Oto Kiralama 50 Qualified investors 24/05/ /05/ % 525 bps TRFFBFKK1317 Fiba Faktoring 50 Qualified investors 27/05/ /11/ % TRSEKOF51516 Eko Faktoring A.Ş. 50 Qualified investors 24/05/ /05/ % 375 bps TRFTKFCK1310 Tekstil Faktoring A.Ş. 10 Qualified investors 27/05/ /11/ % 140 bps TRPCGDF51517 Çağdaş Faktoring 30 Qualified investors 03/06/ /05/ % 350 bps TRSKFTF11516 Koç Fiat Kredi Finansman A.Ş. 30 Qualified investors 27/05/ /01/ % 170 bps TRSKFTF51512 Koç Fiat Kredi Finansman 50 Qualified investors 27/05/ /05/ % TRSKCTF51519 Koç Finansman 50 Qualified investors 27/05/ /05/ % TRSVDTFA1412 Volksw agen Doğuş Tüketici Finansmanı 100 Qualified investors 03/06/ /12/ TRQALNFK1314 Alternatifbank 200 Qualified investors 30/05/ /11/ % TRDABVK51411 Aktifbank Sukuk Varlık Kiralama A.Ş. 100 Qualified investors 31/05/ /05/ % TRFDZFKK1329 Deniz Faktoring 50 Qualified investors 29/05/ /11/ % TRSERTT61510 Ereğli Tekstil Turizm 100 Qualified investors 05/06/ /06/ % TRSAKBK81419 Akbank /05/ /08/ % 7.26% 175 bps Total 4,949.5 Source: IS Investment, Borsa Istanbul 3

4 Corporate bond IPOs 2013 YtD ISIN 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 4

5 Corporate bond IPOs 2013 YtD (contd) ISIN Amount in TL mn Issuance type İssue date Maturity pricing yield (comp) 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 Total 16,578.5 Source: IS Investment, Borsa Istanbul 5

6 Corporate bond news Anadolu Efes: President Gul has approved the alcohol bill Date: 11/06/13 The law regulating the usage of alcoholic beverages has been approved by the President Abdullah Gul last night. The law will be in effect after it will be published in the Official Gazette. Slightly negative for Anadolu Efes. Date: 17/06/2013 Anadolu Group president Tuncay Ozilhan reiterated the acquisition plans of the group Mr. Ozilhan stated in Daily Vatan that the conglomerate is interested in acquisitions outside Turkey, if opportunities arise with a budget up to US$1bn, as it has been announced at the beginning of the year. Anadolu Efes currently has 5 plants in Turkey, 8plants in Russia, 2 plants in Kazakhstan and one plant each in Moldova, Ukraine and Georgia Akfen Holding: Akfen has completed the remaining 60% stake sale at Karasular HEPP, Date: 10/06/2013 Akfen Holding has completed the share transfer of remaining 60% stake at Karasular to Aquila Hydropower as previously announced at an adjusted price tag of ca. 36.9mn (previously 36.6mn) Note that Karasular, composed of 5 HEPP projects with a total 26MW installed capacity and 144.3GWh production capacity, has been valued at an enterprise value of ca. 59.8mn. Following the transaction, Akfen Holding will have no longer any stake at Karasular. Date: 17/06/2013 Akfen Holding to increase its installed renewable energy capacity to 142 MW In a statement disclosed in Public Disclosure Platform, Akfen Holding announced that the Gelinkaya HEPP with an installed capacity of 6.9MW has become operational. The plant is expected to generate 25.8GWh electricity per year. The Holding also stated that the Group continues to put HEPPs into operation in accordance with the investment program, and total installed capacity of the 8 plants that the Group runs reached to MW with a total production capacity of 551GWh. Since the capacity of the new plant is relatively small, the news should not have major effect on the bonds trading. Banvit: The company will issue up to TL200mn corporate bond Date: 17/06/2013 The company applied to CMB to issue up to TL200mn floating-rate corporate bonds to refinance its existing financial loans that were TL564mn as of end of March The company plans to issue bonds either single or several tranches based on market conditions 6

7 Global Investment Holding: The holding enters the mining industry Date: 10/06/2013 Global Energy, a fully owned subsidiary of Global Investment Holding, has acquired 75% stake at Straton Maden, which has substantial feldspar reserves and logistical mining operations in Aegean region of Turkey. The transaction price will be calculated based on the 2.25 times of next 12-month-EBITDA of the. Turkey is the global leader in feldspar mining with 5mn tons of production per annum, accounting for 24% of the world s production. Straton Maden is among the top five feldspar producers in Turkey with 250k tons (5% market share) of feldspar production per annum of which 80% is exported. In 2012, Turkey s feldspar exports of 3.9mn tons generated US$135mn revenues, amounting to 3.2% of Turkey s mine exports. Slightly positive. Yapi ve Kredi Bank: YKB to issue Tier-II bonds. Date: 10/06/2013 Yapi Kredi Bank plans to issue a USD 750mn worth of bonds with 10 years maturity eligible for Tier-II capital treatment. We estimate the issuance will improve the bank s CAR by 110bps to above 17% level. 7

8 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 8

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