WOOD Flash – Turkey macro: BoP consolidation going according to plans
The August current account data showed a surplus of USD 2.6bn, a great improvement relative to the deficit of USD 0.9bn a year earlier and in line with our model projections. We see the balance of risk as biased towards further depreciation as, in our view, the markets are not yet fully pricing in the global downturn and the contraction in Turkey, which we see as plausible, given the recent developments. However, we note that non-residents’ positioning in the local bond market may have hit the 2009 low by now, which suggests that the conditions for a more favourable trend for the local bond market are building.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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