Euro-para piyasası ve Türkiye

Abstract

Euro-para (Euro-currency) piyasası ve Türkiye konu lu bu tezde, konular beş bölüm halinde incelenmiştir. Birinci ve ikinci bölümlerde, Euro-para piyasası ve daha çok Euro-dolar olarak bilinen bu piyasanın tanımı, geliş mesi ve nasıl yaratıldığı incelenmiştir. Üçüncü bölümde Euro-para piyasasının ilk bölümünü oluşturan, Euro-kredi piyasasının özellikleri, bir Euro-kredinin nasıl organi ze edildiği ve Euro-kredinin maliyet unsurları verilmeye çalışılmıştır. Dördüncü bölümde, Euro-tahvil piyasası nın özellikleri, Euro-tahvil türleri ve Euro-tahvilin or ganize edilmesi anlatılmıştır. Beşinci ve son bölümde ise, Türkiye'nin kredi değerliliği ile birlikte, Euro- piyasalardaki borçlanmada Türkiye'nin yerine değinilmiş ve özel bir şirketin almış olduğu sendikasyon kredisinin tanıtımına yer verilmiştir.

This thesis concerns with Euro-currency market and Türkiye has been studied in five sections. In the first and second sections,, Euro-currency market has been introduced. In the third and fourth sections, Euro-credit and Euro-bonds markets that are very important parts of Euro-markets are given in a more detail. In the fifth and final section, the position of Türkiye in Euro-markets loans has been explained. Euro-markets, one of the important part of International markets generally are markets where there are no government resrictions on. More clearly, in the case of currency traded outside the country where it is printed, this currency is called as Euro-currency. Euro dollar is an American dollar deposit which is deposited on branches of American banks or other banks located outside the United States. Euro-sterling is a deposit outside England. Other Euro-currencies are German mark, Switzerland franc, Japanese yen, French franc., Dutch guilder and so on. All these currencies are deposits which are deposited outside the own countries ' borders. The function of Euro-currency market is, as a mediator financial establishment, to provide the transfer of short terms international capital funds by bringing together lenders and borrowers. Today, since American dollar has important effect on international currency market, when we talk about Euro-currency market that reminds us of dollar. Euro dollar is defined as deposits in dollars denominated in the branches of American banks or other banks located outside the United states. Euro-markets, in other word Euro-dollar markets take place in markets where financial markets have developed, for instance England, Luxembourg, VI German and Switzerland etc. Contrary to this, important part af Euro-dallar markets have spread all over the world. This spread take place in the centers which has an important place on the world trade such as Bahama, Bahreiyn, Canada, Cayman Islands and Hong Hong etc. Euro-markets as mostly known Euro-dollar markets began to develope in lately 1950's after national currencies have gained their own convertibilty in the West Europe. In fact, Euro-dollar market has devoloped, due to ex Soviet Union's and some East European count ries put their dollar reserves in London banks after American government confiscated these countries ' deposits in the U.S banks during the second world war. In lately 195G's American citizens and non-American citizens found dollars in their hands more profitable to transfer to London since dollar deposits had been paid more interest rate in London market than American domestic market.' In early 1960's, American Government wanted to control domestic interest rate and imposed extra tax on foreign bonds due to American balance of payment deficits in 1963. As a result, American investors' demand to foreign bonds decreased sharply. Therefore, the borrowers who need dollar preferred going to European markets. In addition to this legislational regulations which were acted by American Government in 197Q's, a lot of funds poured into OPEC countries due to increasing petroleum prices as a result of two petroleum crisis in the world. These GPEC countries transferred, dollar which they gained from petroleum sales, to European markets in order to get high interest. During the same period, as the developing countries needed more dollar both to finance their investments since they entered the speedy growing phase and to meet their increasing petroleum bills, all other oil imparting countries also needed dollar funds to meet their increasing petroleum bills. All these caused Euro-markets grow in a huge proportion. In Euro-market, international capital transactions are not realized through paper or metal money. These transfers are usually executed via telex or some other fast means of communications. In fact, the workings of the Euro-dollar market remind us of a fundamental principle of international finance: money itself usually does not leave the country where it originates: only the ownership of money is transferred across international boundaries. Vll Euro-credit is a credit lent by Euro-banks which make transactions with non-natinnal and unrestricted currencies and work in the various parts of the world. As said before, mostly dollar is used in Euro-credit. Euro-credit amounts generally vary from 5GQ.000 dollars to 1D0 million dollars or 1 billion dollars which are defined as jumbo, Euro-credit, that is a very important financial instrument of Euro-markets, brought solution to the problem international liquidity by recyling the placeble funds to the countries which have balance of payment deficits from the countries which have balance of payment surplus. The institutions which demand credit from Euro-mar ket can be called into four groups. These are sovereign international establishments, public authorities and multinational corporations. London Interbank Offered Rate, briefly LIBOR, usually is chosen as a referance for interest rate in Euro- credits. Interest rate is determined by adding spread which is called as interest difference to LIBOR. This spread that is added to LIBOR depends on amount of credit maturity of credit, credibility of borrower and, supply and demand in the market. Credit given to the borrower who needs finance by the leader bank which has been chosen by banks which come together more than one bank is called as syndicated credit. In the case that huge amount of fund is lent to one borrower only by one bank, the riks of the bank which has lent will increase. In other word, this bank will be affected even in the case of a probable small problem in return of credit. For that reason, in syndicated credits, the banks share the risk of unreturned fund by participating in a small amounts instead of one bank carry the risk. In the organization of a Euro-credit, banks consist of lead manager that manages the credit, managers that are group of manager banks and co-managers that are Vlll asistant manager bank. In addition, an agent bank take place in order to ease operations of credit. Hut, in practice lead manager is usually same bank with agent bank. The fees and commissions that borrower will pay to lender banks are management fee, participation fee, commitment fee and agency fee. The other important way in borrowing from Euro markets is Euro-bonds. A Euro-bond is an international bond which is issued on behalf of a multinational corporation, international agency or sovereign state to investors from throughout the world. In other word, the term Eurobond is loosely applied to' bonds that ara offered outside the country in where currency of the securities are denominated in Switzerland franc and sold in England would be referred to as a Euro-bond. Because of government restrictions on investment in foreign securities, a number of borrowers have found it advantageous to sell securities in other countries. Since the Euro-bond market is neither regulated nor taxed, the Euro-bond market offers many advantages for many issuers and buyers of Euro-bond. For example, Euro- bonds are in bearer form. l\lo tax will be held for the purchasers or borrowers and so on. The size of a new issue varies generally between 1G million dollars and 500 million dollars though the majority of issues are in the 50 million dollars and 100 million dollars range. Types of Euro-bond are straight Euro-bonds (known as"fixed"), convertible Euro-bonds, Euro-bands with warrant and floating rate notes. The parties involved in the syndication of a Euro bond issue are the managers, underwriters and selling group members. Although the function of each category are distinct., some members of the syndicate play more than one role. The managers also act as underwriters and selling group members, and the underwriters also act as selling group members. Fees and commissions in a new Euro-bond issue are management fee, underwriting fee and selling fee. xx In the Euro-bond markets, medium and long terms funds can be got while medium terms funds are got in the Euro-credit markets. In addition, only top rated borrowers can get funds in a efficent way in Euro-bond markets, but second rated borrowers can benefit mostly from Euro-credit markets. Türkiye's attempts for getting funds from Euro markets have become limited due to various reasons. Türkiye with the medium credibility (according to Euromoney, Türkiye is in average ^6 th rank and has average % 5k rating among 110 countries in the period of 1985 to 1991) has benefited from Euro-credit markets which are in favor of second rated borrowers, but the amount of fund per transaction has been less than that of Euro-bond. It is necessary for Türkiye to find new ways to enter the Euro-bond markets in order to meet her funds requirements for economical growing. The best way of borrowing in Euro-markets is to know this market well. Additionally, having sufficent knowledge and skills on Euro-market, and establishing international organizations are necessary for being succesful in Euro-markets. In conclusion, the more a country has credibility, the more the country has possibility of getting funds in a huge amount under the good conditions. Türkiye that takes place among developing countries will be able to find funds that she needs under good conditions in proportion that she increases her credibility. In order to realize it, it will be necessary for Türkiye to make especially her economic and politic stabilization.