Sales Process Begins for Treasury Bonds in Tera Portföy Funds
Treasury bonds held by Tera Portföy, which the Capital Markets Board decided to liquidate, are being put up for sale; to prevent the sales from impacting the market, the buyers will be the Central Bank and public banks.
While the Treasury bonds in the funds of Tera Portföy, whose liquidation was decided by the Capital Markets Board, are being put up for sale, the Central Bank of the Republic of Turkey and public banks will undertake the purchases to ensure the market is not adversely affected.
Sales Preparation in Tera Portföy Funds
Buttons have been pressed for the Treasury bonds in Tera Portföy funds, for which the Capital Markets Board decided liquidation, and the sales process is planned to start as soon as possible.
It has been decided that the Central Bank of the Republic of Turkey and public banks will be the buyers so that the sales do not push benchmark bond yields up and negatively affect the market.
Distribution of Treasury Securities Within the Portfolio
According to calculations, 5 of Tera Portföy's 12 funds contain government securities, and the total size of these assets reaches approximately 23.5 billion liras.
While this amount corresponds to 5 percent of the total size of Tera Portföy funds, which were closed to trading on September 16, the fund holding the heaviest bond load is among money market funds.
Bonds in Other Funds and Expert Opinions
It is calculated that there are government bonds totaling 6.4 billion liras in the money market funds of the other 6 portfolio management companies for which liquidation decisions were made.
Market experts find it positive that the liquidation process is initiated through securities that can be sold most easily, and state that similar sales could be applied for other funds as well.
Developments in the Stock Market and Credit Troubles
While reflections of the investment fund crisis on the stock market continue, the BIST 100 index experienced a decline, and the inability of customers trading on margin to meet margin calls created equity bottlenecks at brokerage firms.
Although efforts were made to reduce the speed of declines with the intervention of the Turkey Wealth Fund towards the close, market volatility and circuit breakers continued to operate intensively.
Legal Investigations and Institutional Transfers
Within the scope of the fund investigation, former CMB Chairman İbrahim Ömer Gönül was summoned to testify as a suspect by the Istanbul Chief Public Prosecutor's Office.
On the other hand, with the decision of the Banking Regulation and Supervision Agency, the management of three banks and two factoring companies was transferred to the Savings Deposit Insurance Fund.