Turkey Antitrust Regulator Probes Banks on Corporate Bonds – BNN Bloomberg

(Bloomberg) — Turkey’s antitrust watchdog has collected information from several banks on corporate bond issuances, which have revived recently following the government’s shift toward more conventional economic policies.

Officials from the antitrust body visited offices of local and foreign financial institutions early this week and searched their computers and communications in emails, according to four people with knowledge of the matter. 

The search was mainly focused on corporate debt sales, said the people, who asked not to be identified because the matter is private. It wasn’t clear which aspect of the bond sales attracted scrutiny. 

A spokesperson for the antitrust watchdog declined to comment. 

Turkish lenders and industrial companies took advantage of a revival in the Eurobond market after investor demand returned following the appointment of a new economic policy leadership team. The country’s assets became more attractive as the new team abandoned an ultra-loose monetary policy and has tried to rein in inflation that exceeded 80% last year.

Banks Open Bond Floodgates for Turkey Inc. and Find Eager Market

Turkish companies and lenders sold more than $3.7 billion in hard currency bonds so far in September, the strongest month for sales this year, according to data compiled by Bloomberg.

(Updates with background on bond sales data in sixth paragraph.)

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