BBVA Bondholders Keep Calm as Turkish Currency Crumbles [Business News Network (BNN) (Canada)]
CAIXABANK SA UNSP/ADR (CAIXY)
NASDAQ:AMEX Investor Relations:
caixabank.com/inversoresinstitucionales_en.html
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Source: Business News Network
down on its bet on Turkey, while a crumbling currency wreaks havoc on the country's economy. The Spanish lender says its offer to buy the rest of Garanti is a winning long-term proposition that boosts its presence in a high-growth market it knows well at a bargain price. Meanwhile, the way its business is set up limits any financial wildfires spreading from Turkey to the wider group. Bond investors drew comfort from that message as President Recep Tayyip Erdogan's drive for lower interest rates in an economy where inflation has rocketed to almost 20% sparked a nosedive for the currency. The bank's bonds have fallen, but not significantly more than the debt of other big Spanish lenders such as Banco Santander SA, also a major emerging markets lender, and CaixaBank SA. “It's interesting that every time there's a headline on Turkey or other emerging markets where BBVA is involved, it triggers some concerns and mini sell-offs in the bank's instruments,” said Romain Miginiac, head of
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