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Roubini Topic Archive: Government Bonds
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Turkey: I Expect You to Die, Mr. Bond
That’s what the villain Goldfinger answers 007 when the latter asks, “Do you expect me to talk?” in the Bond movie Goldfinger.
I remembered this famous scene when Turkish bonds rallied strongly after the favorable March inflation release on Monday. My precautionary stance towards bonds stems mainly from my belief that markets seem to have been fooled by the inflation figure, whereas supply and demand dynamics paint a mixed picture for bond prospects.
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The Turkish Rating Wars: Episode II
As the venerable Yoda would say, begun again the rating wars have.
Recent research by Ozan Acar, prepared during his stint as a guest researcher at the Brookings Institution, discusses why Turkey is still rated below investment grade by the credit rating agencies, or CRAs, and whether an upgrade is on the cards.
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Giving Credit Its Due Credit
One of the most impressive Turkish economics developments this year has been the rapid loan growth.
Corporate, consumer and housing loans have each registered more than 10 percent rises in the year to date. Annualized, this would translate to a growth of around 50 percent. But before you bring out the party gear, it is important to heed a couple of important disclaimers.
