Norway Wealth Fund Says It’s a Victim of Turkey’s Funds Crisis
Norway’s sovereign wealth fund said it’s among the investors that have been hurt by Turkey’s fund crisis, and has taken steps to review its stock holdings in the country.
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Norway’s sovereign wealth fund said it’s among the investors that have been hurt by Turkey’s fund crisis, and has taken steps to review its stock holdings in the country.
Zorlu Enerji, the power producer and distributor owned by one of Turkey’s largest conglomerates, will miss a coupon payment due this week on its $1.1 billion bond, according to people familiar with the matter.
Turkey’s market regulator has shut down three brokerages that ran funds now set to be liquidated, throwing hundreds of jobs in doubt and adding to the turmoil in the industry.
Turkey’s market regulator chief, Mahmut Sutcu, stepped down on Monday during the fallout of a fund crisis that’s upended the country’s markets.
The crisis roiling Turkey’s investment industry may be spilling into its fast-growing corporate bond market, potentially crimping smaller companies’ access to financing.
MSCI Inc. is stepping up scrutiny of Turkey’s equity market following a crisis in the country’s fund industry, freezing some index changes and warning that its emerging-market status could eventually be at risk.
FTSE Russell maintained Turkey’s status as an advanced emerging market, a reprieve for the country after a fund crisis last month that sent stock prices plunging.
BofA Securities Inc said a large share of Turkish fund outflows stemming from a rout in September moved into bank deposits.
Turkish inflation continued to slow in September, raising the prospect of an interest rate cut later this month to help ease liquidity strains stemming from a domestic funds crisis.