Efes Bondholders Crying Into Their Beer on Turkish Ad Ban
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The Middle East’s biggest beermaker is getting hammered in the credit markets as Turkish Prime Minister Recep Tayyip Erdogan cracks down on alcohol sales and advertising.
The yield on Anadolu Efes Biracilik Malt Sanayi AS’s dollar bonds due November 2022 surged 53 basis points since May 9 to a record 3.99 percent at the end of last week as lawmakers approved legislation restricting alcohol. That’s about 90 basis points above the yield on Denver, Colorado-based Molson Coors Brewing Co.’s May 2022 bonds, which have the same BBB- rating at Standard & Poor’s.