SEMI ANNUAL REPORT OCTOBER 2006
appetite for risk and diversification of assets,
the share of equity transactions appears to be
on the rise, as the investor spectrum widens
and the market-awareness of clients
improves.
Despite the tightening process which started
in 2004 in the US, appetite for the high yield
emerging market assets has increased,
backed by improving fundamentals. As well
as benefiting from improved economic
policies, the skyrocketing commodity prices in
recent years have helped commodity
exporters, such as Russia, Brazil and
Kazakhstan reduce their sovereign debt.
The major trend in emerging debt markets
has been a shift from sovereign to corporate
debt, combined with a more local currency
debt. A recent example of this is Russia,
which has paid back all of its IMF debt and
most of its external debt. Against such a
backdrop, corporate debt issues have posted
tremendous growth. In the last three years,
Brazilian corporations issued US$ 25 billion of
bonds while Russian corporations issued
US$ 37 billion of bonds.
Is Investment’s participation in corporate
Eurobond issues has increased in line with
demand from global investors. With the
participation of its large domestic and global
investor base, Is Investment served as a co-
manager in corporate Eurobond issues, such
as Intergaz in Central Asia and the Alliance
Bank in Kazakhstan, Finansbank Russia, and
Petrol Ofisi in Turkey. In the coming months,
we anticipate that Is Investment will play an
active role in the primary issues of Turkish
corporate Eurobonds, amid a greater
willingness to come to the market with
Eurobonds issues due to rising demand.
of counterparties, Is Investment has been at
the forefront among its local peers in equity
trading in over 20 major global equity
markets, including Russia, the United Arab
Emirates and Kuwait. As market updates and
investment recommendations published
regularly by our team has raised investor
appetite for these markets, both the daily
trading volumes and the number of client
portfolios grew significantly in 2005.
Maintaining highly commission rates for
international equities when compared to its
peers, Is Investment continues to prove itself
as the leader in international equity trading in
Turkey.
As international equity markets remained one
of the higher-yielding asset classes in 2005,
risk taking investors further increased their
allocations in global equities in spite of the
high volatility. A close monitoring of stock
markets, timely updates on developments and
full coverage from the small hours of the
morning until late once again played a part in
determining investors’ choices of
intermediary. Thanks to its team of seasoned
investment professionals, dedication to
cutting-edge technology and a wide network
CONTACT INFORMATION
For International Markets
For Turkish Markets
For Almaty/Kazakhstan Rep. Office
Contact Name Mr. Ilkay Dalkilic
Contact Name Ms. Caglan Yazici
Contact Name Mr. Cengiz Macun
E-mail [email protected]
E-mail [email protected]
E-mail [email protected]
Website www.isinvestment.com
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