Turkey’s Kontrolmatik Defaults on 450 Million Liras Debt

Turkey’s Kontrolmatik Enerji ve Muhendislik defaulted on two separate lira bonds that matured on Friday, according to a statement by Turkey’s Central Securities Depository, marking a rare corporate debt default in the country’s local bond market.

The Turkish technology and engineering company failed to make the scheduled payment on two TLRef-indexed floating rate bonds due May 15, the depository said. The statement did not provide details on the reason for the missed payments or whether a restructuring was under discussion.