HALISTER1: Koc Plan to Sell Up to $1b Bonds May Be for M&A: Credit Suisse

Koc Plan to Sell Up to $1b Bonds May Be for M&A: Credit Suisse

(Bloomberg) -- “We view Koc Holding’s recent decision to tap the debt markets for up to $1b while there was no imminent roll-over as a move to pile up ammunition for inorganic growth opportunities,” Credit Suisse analysts including Atinc Ozkan say in e-mailed report on Tuesday.
  • Credit Suisse analysts expect strong dividend influx of more than 800m liras in early April from subsidiaries, growing to 1.8b in 2018; SPV controlling crude oil refiner unit Tupras could start paying out to Koc this yr
  • Credit Suisse raises Koc to outperform vs neutral
  • NOTE: Toshiba in Talks With Arcelik for Sale of Appliance Unit: Kyodo
  • NOTE: Turkey’s Koc Holding to Sell As Much As $1b Debt Abroad
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
KCHOL TI (KOC Holding AS)
ARCLK TI (Arcelik AS)
6502 JP (Toshiba Corp)
TUPRS TI (Tupras Turkiye Petrol Rafinerileri AS)

People
Atinc Ozkan (Credit Suisse Holdings USA Inc)

Topics
Turkey Breaking Market News

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