MFS Module 1
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Lecture # 1 Management of Financial Institutions
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Transcript of MFS Module 1
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Lecture # 1Management of Financial Institutions
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Module I: Introduction
Financial Institutions and economic development, Types of Money, Process of Capital Formation, Technology of financial systems- Pooling, Netting, Credit substitution & Delegation.
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In financial economics, a financial institution acts as an agent that provides financial services for its clients. Financial institutions generally fall under financial regulation from a government authority.
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Types of Financial InstitutionsCommon types of financial institutions include banks, Insurance Co, Leasing Co, Investment Co, Mutual Funds
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BanksA bank is a commercial or state institution that provides financial services, including issuing money in various forms, receiving deposits of money, lending money and processing transactions and the creating of credit.
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1. Central BankA central bank, reserve bank or monetary authority, is an entity responsible for the monetary policy of its country or of a group of member states, such as the European Central Bank (ECB) in the European Union, the Federal Reserve System in the United States of America, State Bank in Pakistan.
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1. Central BankIts primary responsibility is to maintain the stability of the national currency and money supply, but more active duties include controlling subsidized-loan interest rates, and acting as a lender of last resort to the banking sector during times of financial crisis
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2. Commercial BanksA commercial bank accepts deposits from customers and in turn makes loans, even in excess of the deposits; a process known as fractional-reserve banking. Some banks (called Banks of issue) issue banknotes as legal tender.
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3. Investment BanksInvestment banks help companies and governments and their agencies to raise money by issuing and selling securities in the primary market. They assist public and private corporations in raising funds in the capital markets (both equity and debt), as well as in providing strategic advisory services for mergers, acquisitions and other types of financial transactions.
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4. Saving BanksA savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.
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5. Micro Finance BanksFor the purpose of poverty reduction program, such kind of banks are working in the different countries with the contribution of UNO or World Bank.In Pakistan 7 Micro Finance Banks are providing services under the SBP prudential regulation.
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6. Islamic BanksIslamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse.
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7. Specialized BanksZTBLThe Zarai Taraqiati Bank Limited It is also known as Agricultural Development Bank of Pakistan (ADBP).It is the premier financial institution geared towards the development of the agricultural sector through the provision of financial services and technical know-how.
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7. Specialized Banks2. IDBP Industrial Development Bank of Pakistan is one of Pakistan's oldest development financing institution created with the primary objective of extending term finance for investment in the manufacturing sector and SME Sector of the economy.
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7. Specialized Banks3. SME BankPromote the business.Positive impact on Financial environment.Financing of projects.Tell revenue generation schemes to entrepreneurs.
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8. Non-banking financial company Non-bank financial companies (NBFCs) also known as a non-bank or a non-bank bank, are financial institutions that provide banking services without meeting the legal definition of a bank, i.e. one that does not hold a banking license.
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8. Non-banking financial companyOperations are, regardless of this, still exercised under bank regulation. However this depends on the jurisdiction, as in some jurisdictions, such as New Zealand, any company can do the business of banking, and there are no banking licenses issued.
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8. Non-banking financial companyNon-bank institutions frequently acts as suppliers of loans and credit facilities, supporting investments in property, providing services relating to events within peoples lives such as funding private education, wealth management and retirement planning
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8. Non-banking financial companyhowever they are typically not allowed to take deposits from the general public and have to find other means of funding their operations such as issuing debt instruments. In India, most NBFCs raise capital through Chit Funds.
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9. Investment company Generally, an "investment company" is a company (corporation, business trust, partnership, or limited liability company) that issues securities and is primarily engaged in the business of investing in securities.
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9. Investment companyAn investment company invests the money it receives from investors on a collective basis, and each investor shares in the profits and losses in proportion to the investors interest in the investment company.
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11. Leasing CompaniesA lease or tenancy is the right to use or occupy personal property or real property given by a lessor to another person (usually called the lessee or tenant) for a fixed or indefinite period of time, whereby the lessee obtains exclusive possession of the property in return for paying the lessor a fixed or determinable consideration (payment).
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12. Insurances CompaniesInsurance companies may be classified as 1. Life insurance companies, which sell life insurance, annuities and pensions products. 2. Non-life or general insurance companies, which sell other types of insurance.
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Mutual Fund An investment which is comprised of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market securities and similar assets.
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Mutual funds are operated by money mangers, who invest the fund's capital and attempt to produce capital gains and income for the fund's investors. A mutual fund's portfolio is structured and maintained to match the investment objectives stated in its prospectus.
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10. Brokerage Houses Stock brokers assist people in investing, online only companies are called 'discount brokerages', companies with a branch presence are called 'full service brokerages' or 'private client services.
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Financial Institution Functions Financial institutions provide a service as intermediaries of the capital and debt markets. They are responsible for transferring funds from investors to companies, in need of those funds. The presence of financial institutions facilitate the flow of cash through the economy.
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Financial Institution FunctionsTo do so, savings accounts are pooled to mitigate the risk brought by individual account holders in order to provide funds for loans. Such is the primary means for depository institutions to develop revenue.
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Financial Institution FunctionsShould the yield curve become inverse, firms in this arena will offer additional fee-generating services including securities underwriting, sales & trading, and prime brokerage.
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Misleading financial analysis Financial analysis of an organization is misleading when it is used to misrepresent the organisation, its situation or its prospects.
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This type of deceit is sometimes used to obtain money by misdirecting people to invest in a stock market bubble, profiting from the increase in value, then removing funds before the bubble collapses, for instance in a stock market crash.
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Conclusion To review, we have looked at the relationship between institutions and Financial Markets. This growing field of research may offer us a new insight into the dynamics of economic growth within and among various economies.
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*Chapter 3What Is Money?
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*Meaning of MoneyMoney (money supply)anything that is generally accepted in payment for goods or services or in the repayment of debts; a stock concept. Money supply is the total amount of money available in the economy. (stock)Wealththe total collection of pieces of property that serve to store value (stock)Incomeflow of earnings per unit of time (flow)
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*Functions of MoneyMedium of Exchangepromotes economic efficiency by minimizing the time spent in exchanging goods and services. Facilitates specialization and division of labor. A good medium of exchangeMust be easily standardizedMust be widely acceptedMust be divisibleMust be easy to carryMust not deteriorate quicklyUnit of Accountused to measure value in the economy: assets, goods, services.Store of Valueused to save purchasing power; allows intertemporal substitution of income most liquid of all assets but High inflation diminishes its store of value function.
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*Evolution of the Payments SystemCommodity Money: Gold, Silver, other precious metals, certain stones, Cigarettes, etc.Representative money that is backed 100 % by precious metals (banknotes). Representative moneyis an item such as a token or piece of paper that has no intrinsic value, but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper, and even tobacco.Fiat Money: No consumption or investment use: intrinsically useless pieces of paper. Currency that a government has declared to be legal tender, but is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of. Historically, most currencies were based on physical commodities such as gold or silver, but fiat money is based solely on faith. Fiat is the Latin word for "it shall be".
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ChecksElectronic Payments: EFTs, wire transfers. E-money: Debit cards (POS), etc.
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Types of MoneyBroad MoneyNarrow MoneyFiat MoneyOthers:Gold & Silver Coins (Ginni)Metal MoneyPaper MoneyPlastic MoneyVirtual Money
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*Definitions of MoneyFrom most liquid (narrow) to the least liquid (broad), M0, M1, M2, M2Y, M3..M0 = paper currency and coinsM1 = M0+ Checking Accounts+ Traveler ChecksM2 = M1 + Savings AccountsM2Y = M2 + Forex Accounts
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*Monetary PolicyDollarization and Monetary Transmission in Turkey, Erdem BAI Vice Governor Central Bank of Turkey December 2006
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24.9524.6
25.2324.58
25.4724.6
25.5924.6
25.1724.6
25.2524.6
25.1324.57
25.2424.6
25.1924.6
25.1924.6
25.2424.58
25.3724.6
25.4124.6
24.4622.13
24.2322.13
24.1522.12
24.3622.12
24.3722.1334929456
24.3522.1334929456
24.4622.1334929456
24.9322.12
26.5722.1334929456
26.8822.1334929456
25.6322.1334929456
25.1422.1334929456
24.2122.12
24.3722.1334929456
24.5422.1334929456
24.3922.1334929456
24.3322.1334929456
24.3822.12
24.6722.1334929456
24.3622.1334929456
24.0422.1334929456
23.8322.1334929456
23.3422.12
23.322.1334929456
23.3522.1334929456
22.8122.1334929456
22.5222.1334929456
22.6722.12
22.3222.1334929456
21.9122.1334929456
22.2822.1334929456
22.3122.1334929456
22.2422.12
22.3922.1334929456
22.622.1334929456
22.4922.1334929456
22.5222.11
22.6822.1334929456
22.6722.1334929456
22.5922.1334929456
22.8522.1334929456
22.9622.12
23.0422.1334929456
23.522.1334929456
23.5122.1334929456
23.622.1334929456
23.6222.11
23.4522.1334929456
23.1622.1334929456
23.322.12
23.3122.1334929456
23.2622.1334929456
22.9922.1334929456
2322.1334929456
23.0922.12
23.3522.13
24.2922.13
24.0422.13
23.3322.13
23.0522.13
22.722.13
23.1822.13
23.3222.13
23.5122.13
23.9522.12
23.7922.13
23.4822.13
23.2722.13
22.3622.13
22.822.13
21.319.72
21.4319.72
21.2219.72
20.819.72
20.8819.72
20.7819.72
20.6619.72
20.6819.72
20.4919.72
20.2919.72
20.3119.72
20.0119.72
20.419.72
20.719.72
20.4819.72
20.7819.72
20.1918.53
20.1418.53
19.9218.53
19.9718.53
19.7718.53
19.9618.53
19.9218.53
20.0218.53
19.6518.53
19.6818.53
19.3318.53
19.1218.53
19.1818.53
18.7718.53
18.3518.53
18.0318.53
17.9318.53
17.8918.53
17.8818.53
17.4417.93
17.7417.93
17.6417.93
17.517.93
17.4117.93
17.6717.93
17.7417.93
17.5817.93
17.817.93
17.917.93
18.1317.93
17.6917.93
17.5517.93
17.3217.93
17.3617.93
17.1117.93
16.7817.93
16.4717.93
16.117.93
16.1317.93
15.9116.76
16.0716.76
1616.76
16.3416.76
16.3416.76
16.7816.76
16.6316.76
16.8816.76
16.9716.76
17.1916.76
17.8116.76
17.4716.76
17.2716.76
17.3316.76
17.7816.76
17.6516.76
17.4616.76
17.416.76
17.4716.76
17.7916.76
17.3516.76
17.2116.76
17.2216.76
17.0616.18
17.0716.18
16.9316.18
17.2716.18
17.6216.18
17.8516.18
18.0816.18
17.5616.18
17.6616.18
17.516.18
17.7816.18
17.7416.18
17.7516.18
17.8716.18
18.3516.18
18.0516.18
17.8916.18
17.3716.18
17.2116.18
17.3516.18
17.2916.18
17.215.6
17.4915.6
17.2715.6
17.0715.6
17.2215.6
17.2715.6
17.3415.6
17.315.6
17.6715.6
17.8815.6
17.7115.6
17.6315.6
17.415.6
17.1315.6
16.7415.6
16.4915.6
16.1115.6
15.6715.6
16.0615.6
15.9615.6
16.1515.6
16.1215.31
16.2515.31
16.2715.31
16.1715.31
16.1715.31
15.9715.31
15.8815.31
16.0315.31
16.1615.31
16.0715.31
16.1915.31
16.1315.31
16.1815.31
16.1515.31
16.0915.31
1615.31
15.9115.31
15.8315.31
15.9515.31
15.9215.31
1615.31
15.9715.31
16.115.31
16.2815.31
16.1915.31
16.2415.31
16.2115.31
16.3415.31
16.415.31
16.3615.31
16.415.31
16.4715.31
16.4115.31
16.5415.31
16.3715.31
16.2915.31
16.1615.31
16.1815.31
16.2615.31
16.2115.31
1615.31
16.0115.31
16.1515.31
16.2315.31
16.115.31
16.1415.31
16.2815.31
16.3415.31
16.2715.31
16.4315.31
16.4415.31
16.5315.31
16.4815.31
16.315.31
16.3515.31
16.3815.31
16.2715.31
16.2715.31
16.2215.31
16.0615.31
16.1115.31
16.0415.31
15.915.31
15.8215.31
15.8415.31
15.6515.31
15.5215.31
15.4615.31
15.6615.31
15.6215.31
15.4515.31
15.4115.31
15.315.31
15.2115.31
15.1115.31
15.2715.31
15.3615.31
15.2315.31
15.0615.31
15.0215.31
15.0515.31
15.2615.31
14.615.31
14.615.31
14.7615.31
14.7615.31
14.6615.31
14.7715.02
14.7315.02
14.8215.02
14.8115.02
14.7615.02
14.7515.02
14.7615.02
14.7415.02
14.7315.02
14.6815.02
14.6215.02
14.3115.02
14.2115.02
14.2815.02
14.2515.02
14.215.02
14.0515.02
14.1115.02
14.1515.02
14.214.74
14.3114.74
14.2714.74
14.3614.74
14.2914.74
14.0814.74
13.9914.74
13.9314.74
13.9314.74
13.8114.74
13.8114.74
13.8714.74
13.8414.74
13.8814.74
13.8514.74
13.8714.74
13.8914.74
13.8514.74
13.8614.74
13.8814.74
13.9114.74
13.914.74
13.9914.45
14.0714.45
14.1114.45
14.0314.45
13.9714.45
14.1114.45
14.1314.45
14.0914.45
14.0114.45
13.9914.45
13.9114.45
13.8914.45
13.8614.45
13.814.45
13.8114.45
13.8314.45
13.8514.45
13.8514.45
13.714.45
13.5914.45
13.614.45
13.5814.45
13.5814.45
13.5614.45
13.6514.45
13.5614.45
13.4714.45
13.3814.45
13.3714.45
13.4414.45
13.4914.45
13.4914.45
13.4914.45
13.6514.45
13.6814.45
13.6714.45
13.7714.45
13.8514.45
13.8814.45
14.0514.45
13.914.45
13.814.45
13.8214.45
13.8414.45
13.8914.45
13.6314.45
13.5514.45
13.5114.45
13.5414.45
13.6914.45
13.5914.45
13.5414.45
13.5914.45
13.414.45
13.4814.45
13.2414.45
13.314.45
13.4114.45
13.5614.45
13.5414.45
13.5214.45
13.6214.45
13.6114.45
13.7914.45
13.7314.45
13.7614.45
13.7314.45
13.8614.45
13.9314.45
13.9414.45
13.8514.45
13.8814.45
13.9714.45
14.0514.45
14.0714.45
13.9714.45
13.9614.45
13.8314.45
13.8514.45
13.8414.45
13.8514.45
13.9114.45
13.9214.45
13.8914.45
13.8614.45
13.8814.45
13.8714.45
13.8214.45
13.7814.45
13.6614.45
13.6814.45
13.7214.45
13.6114.45
13.6514.45
13.6914.45
13.7414.45
13.6614.165
13.6914.165
13.7614.165
13.7614.165
14.1314.165
14.0714.165
14.1314.165
14.3414.165
14.3214.165
14.3414.165
14.5114.165
14.8314.165
15.0414.165
14.8414.165
15.4114.165
15.714.165
15.9514.165
16.0714.165
16.2314.165
16.1714.165
16.2514.165
16.4914.165
17.0514.165
17.0614.165
16.7214.165
18.914.165
18.3614.165
18.0314.165
18.0316.18
17.8916.18
17.7116.18
18.8216.18
19.716.18
19.6616.18
19.1916.18
19.7316.18
19.916.18
20.116.18
19.5216.18
20.516.18
22.818.82
22.5618.82
22.2918.82
21.3818.82
20.9918.82
20.6418.82
19.4718.82
19.8418.82
20.5918.82
19.718.82
19.5118.82
19.0918.82
19.0218.82
19.4318.82
19.5918.82
19.9118.82
20.418.82
20.418.82
20.1718.82
20.4119.12
20.6519.12
20.3319.12
20.2819.12
19.8619.12
19.5919.12
19.4419.12
19.619.12
19.4419.12
19.1719.12
19.619.12
19.4619.12
19.819.12
19.7919.12
19.3919.12
19.2219.12
19.3819.12
19.6319.12
19.1119.12
18.719.12
18.9619.12
19.0719.12
19.0719.12
19.2319.12
19.6319.12
19.4319.12
19.6119.12
19.5419.12
19.1619.12
19.4219.12
19.2619.12
19.0919.12
19.3419.12
19.8319.12
20.0619.12
20.3519.12
20.219.12
20.1219.12
20.7119.12
20.9919.12
20.1419.12
20.3819.12
20.3619.12
20.419.12
21.8119.12
21.3719.12
21.8819.12
21.3719.12
21.4319.12
21.8119.12
22.7119.12
22.6419.12
23.0619.12
22.2919.12
21.8419.12
21.9519.12
21.6119.12
21.2819.12
21.4419.12
20.8319.12
21.0119.12
20.9419.12
21.3719.12
20.9419.12
20.8819.12
20.5319.12
ISE Bonds and Bills Market Benchmark Interest Rate (Compound)
CBRT O/N Interest Rate (Compound)
CDS
5 Yllk KFT (CDS) Oranlar
20/10/2000457.5
24/10/2000462.5
25/10/2000460.0
26/10/2000452.5
27/10/2000452.5
30/10/2000437.5
31/10/2000470.0
01/11/2000470.0
02/11/2000462.5
03/11/2000460.0
06/11/2000452.5
07/11/2000452.5
08/11/2000457.5
09/11/2000462.5
10/11/2000457.5
13/11/2000457.5
14/11/2000465.0
15/11/2000460.0
16/11/2000460.0
17/11/2000462.5
20/11/2000467.5
21/11/2000480.0
22/11/2000510.0
24/11/2000577.5
27/11/2000597.5
28/11/2000715.0
29/11/2000762.5
30/11/2000800.0
01/12/2000825.0
04/12/2000880.0
05/12/2000800.0
06/12/2000742.5
07/12/2000747.5
08/12/2000742.5
11/12/2000727.5
12/12/2000720.0
13/12/2000740.0
14/12/2000752.5
15/12/2000752.5
18/12/2000735.0
19/12/2000760.0
20/12/2000760.0
21/12/2000750.0
22/12/2000750.0
26/12/2000750.0
27/12/2000750.0
28/12/2000750.0
29/12/2000750.0
02/01/2001750.0
03/01/2001760.0
04/01/2001750.0
05/01/2001697.5
08/01/2001700.0
09/01/2001700.0
10/01/2001700.0
11/01/2001690.0
12/01/2001657.5
16/01/2001637.5
17/01/2001625.0
18/01/2001617.5
19/01/2001577.5
22/01/2001582.5
23/01/2001577.5
24/01/2001550.0
25/01/2001532.5
26/01/2001532.5
29/01/2001522.5
30/01/2001522.5
31/01/2001522.5
01/02/2001522.5
02/02/2001522.5
05/02/2001540.0
06/02/2001565.0
07/02/2001640.0
08/02/2001615.0
09/02/2001610.0
12/02/2001631.5
13/02/2001650.0
14/02/2001647.5
15/02/2001642.5
16/02/2001635.0
20/02/2001790.0
21/02/2001992.5
22/02/2001967.5
23/02/2001950.0
26/02/2001887.5
27/02/2001870.0
28/02/2001856.0
01/03/2001856.0
02/03/2001782.5
05/03/2001770.0
06/03/2001780.0
07/03/2001780.0
08/03/2001792.5
09/03/2001820.0
12/03/2001835.0
13/03/2001835.0
14/03/2001845.0
15/03/2001862.5
16/03/2001882.5
19/03/2001932.5
20/03/2001927.5
21/03/2001920.0
22/03/2001935.0
23/03/2001945.0
26/03/2001935.0
27/03/2001910.0
28/03/2001985.0
29/03/20011072.5
30/03/20011100.0
02/04/20011112.5
03/04/20011170.0
04/04/20011122.5
05/04/20011080.0
06/04/20011040.0
09/04/20011067.5
10/04/20011105.0
11/04/20011105.0
12/04/20011122.5
17/04/20011110.0
18/04/20011070.0
19/04/20011095.0
20/04/20011112.5
23/04/20011122.5
24/04/20011080.0
25/04/20011077.5
26/04/2001975.0
27/04/2001925.0
30/04/2001895.0
01/05/2001900.0
02/05/2001900.0
03/05/2001895.0
04/05/2001880.0
08/05/2001862.5
09/05/2001862.5
10/05/2001857.5
11/05/2001857.5
14/05/2001857.5
15/05/2001857.5
16/05/2001842.5
17/05/2001785.0
18/05/2001765.0
21/05/2001720.0
22/05/2001700.0
23/05/2001710.0
24/05/2001710.0
25/05/2001710.0
29/05/2001722.5
30/05/2001747.5
31/05/2001772.5
01/06/2001762.5
04/06/2001737.5
05/06/2001742.5
06/06/2001747.5
07/06/2001740.0
08/06/2001730.0
11/06/2001752.5
12/06/2001750.0
13/06/2001742.5
14/06/2001742.5
15/06/2001747.5
18/06/2001765.0
19/06/2001767.5
20/06/2001785.0
21/06/2001795.0
22/06/2001795.0
25/06/2001800.0
26/06/2001797.5
27/06/2001792.5
28/06/2001797.5
29/06/2001795.0
02/07/2001800.3
03/07/2001802.5
05/07/2001810.0
06/07/2001892.5
09/07/2001910.0
10/07/2001930.0
11/07/20011017.5
12/07/20011102.5
13/07/20011085.0
16/07/20011100.0
17/07/20011190.0
18/07/20011162.5
19/07/20011190.0
20/07/20011152.5
23/07/20011137.5
24/07/20011115.0
25/07/20011115.0
26/07/20011110.0
27/07/20011122.5
30/07/20011100.0
31/07/20011112.5
01/08/20011112.5
02/08/20011105.0
03/08/20011085.0
06/08/20011047.5
07/08/20011007.5
08/08/2001967.5
09/08/2001987.5
10/08/20011012.5
13/08/20011025.0
14/08/20011062.5
15/08/20011075.0
16/08/20011052.5
17/08/20011065.0
20/08/20011075.0
21/08/20011055.0
22/08/20011027.5
23/08/20011007.5
24/08/20011002.5
28/08/2001955.0
29/08/2001912.5
30/08/2001917.5
31/08/2001920.0
04/09/2001920.0
05/09/2001905.0
06/09/2001902.5
07/09/2001907.5
10/09/2001910.0
13/09/2001965.0
14/09/2001975.0
17/09/2001987.5
18/09/20011017.5
19/09/20011000.0
20/09/20011005.0
21/09/20011025.0
24/09/20011007.5
25/09/20011005.0
26/09/20011012.5
27/09/20011007.5
28/09/2001982.5
01/10/2001962.5
02/10/2001967.5
03/10/2001967.5
04/10/2001967.5
05/10/20011005.0
09/10/2001997.5
10/10/2001982.5
11/10/2001960.0
12/10/2001962.5
15/10/2001942.5
16/10/2001927.5
17/10/2001925.0
18/10/2001935.0
19/10/2001935.0
22/10/2001910.0
23/10/2001907.5
24/10/2001907.5
25/10/2001912.5
26/10/2001905.0
29/10/2001920.0
30/10/2001925.0
31/10/2001917.5
01/11/2001917.5
02/11/2001922.5
05/11/2001915.0
06/11/2001877.5
07/11/2001847.5
08/11/2001835.0
09/11/2001835.0
13/11/2001805.0
14/11/2001790.0
15/11/2001757.5
16/11/2001757.5
19/11/2001750.0
20/11/2001747.5
21/11/2001752.5
23/11/2001745.0
26/11/2001737.5
27/11/2001730.0
28/11/2001752.5
29/11/2001737.5
30/11/2001735.0
03/12/2001737.5
04/12/2001727.5
05/12/2001702.5
06/12/2001695.0
07/12/2001697.5
10/12/2001692.5
11/12/2001682.5
12/12/2001677.5
13/12/2001682.5
14/12/2001685.0
17/12/2001680.0
18/12/2001662.5
19/12/2001662.5
20/12/2001662.5
21/12/2001662.5
24/12/2001662.5
27/12/2001657.5
28/12/2001662.5
31/12/2001662.5
02/01/2002657.5
03/01/2002637.5
04/01/2002615.0
07/01/2002612.5
08/01/2002607.5
09/01/2002622.5
10/01/2002625.0
11/01/2002630.0
14/01/2002635.0
15/01/2002647.5
16/01/2002662.5
17/01/2002645.0
18/01/2002647.5
22/01/2002635.0
23/01/2002647.5
24/01/2002645.0
25/01/2002650.0
28/01/2002647.5
29/01/2002640.0
30/01/2002647.5
31/01/2002640.0
01/02/2002635.0
04/02/2002637.5
05/02/2002630.0
06/02/2002627.5
07/02/2002635.0
08/02/2002645.0
11/02/2002647.5
12/02/2002642.5
13/02/2002632.5
14/02/2002632.5
15/02/2002635.0
19/02/2002637.5
20/02/2002637.5
21/02/2002635.0
22/02/2002635.0
25/02/2002640.0
26/02/2002647.5
27/02/2002645.0
28/02/2002650.0
01/03/2002645.0
04/03/2002640.0
05/03/2002632.5
06/03/2002620.0
07/03/2002617.5
08/03/2002592.5
11/03/2002587.5
12/03/2002577.5
13/03/2002575.0
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24/03/2005304.4
25/03/2005304.4
28/03/2005304.0
29/03/2005332.0
30/03/2005314.7
31/03/2005304.4
01/04/2005307.4
04/04/2005333.0
05/04/2005329.5
06/04/2005311.4
07/04/2005305.4
08/04/2005312.8
11/04/2005315.0
12/04/2005291.3
13/04/2005309.6
14/04/2005326.6
15/04/2005347.6
18/04/2005365.9
19/04/2005352.0
20/04/2005341.0
21/04/2005340.4
22/04/2005331.6
25/04/2005333.5
26/04/2005336.5
27/04/2005341.1
28/04/2005357.0
29/04/2005374.1
02/05/2005371.0
03/05/2005363.0
04/05/2005330.5
05/05/2005319.5
06/05/2005316.9
09/05/2005317.6
10/05/2005322.7
11/05/2005332.9
12/05/2005322.4
13/05/2005331.8
16/05/2005343.2
17/05/2005348.9
18/05/2005336.8
19/05/2005334.2
20/05/2005327.9
23/05/2005334.3
24/05/2005339.8
25/05/2005335.8
26/05/2005325.4
27/05/2005316.7
30/05/2005308.8
31/05/2005300.6
01/06/2005293.7
02/06/2005275.1
03/06/2005275.2
06/06/2005287.8
07/06/2005291.5
08/06/2005296.1
09/06/2005297.0
10/06/2005288.8
13/06/2005287.3
14/06/2005282.3
15/06/2005276.0
16/06/2005271.5
17/06/2005269.0
20/06/2005270.8
21/06/2005270.4
22/06/2005266.1
23/06/2005271.4
24/06/2005276.6
27/06/2005279.5
28/06/2005277.0
29/06/2005270.5
30/06/2005261.1
01/07/2005254.8
04/07/2005255.0
05/07/2005259.4
06/07/2005261.1
07/07/2005265.5
08/07/2005260.6
11/07/2005260.8
12/07/2005258.7
13/07/2005250.6
14/07/2005249.5
15/07/2005251.0
18/07/2005259.1
19/07/2005260.6
20/07/2005261.3
21/07/2005257.8
22/07/2005256.2
25/07/2005256.0
26/07/2005263.4
27/07/2005254.3
28/07/2005250.9
29/07/2005246.8
01/08/2005243.9
02/08/2005240.3
03/08/2005236.6
04/08/2005231.5
05/08/2005231.5
08/08/2005237.3
09/08/2005241.1
10/08/2005238.5
11/08/2005244.2
12/08/2005254.3
15/08/2005256.4
16/08/2005254.5
17/08/2005264.8
18/08/2005262.8
19/08/2005267.1
22/08/2005267.0
23/08/2005268.3
24/08/2005275.2
25/08/2005280.3
26/08/2005278.3
29/08/2005263.0
30/08/2005269.0
31/08/2005264.5
01/09/2005262.7
02/09/2005258.5
05/09/2005254.7
06/09/2005251.5
07/09/2005248.7
08/09/2005244.8
09/09/2005236.5
12/09/2005235.5
13/09/2005234.5
14/09/2005236.2
15/09/2005233.0
16/09/2005227.9
19/09/2005226.4
20/09/2005221.0
21/09/2005217.4
22/09/2005217.7
23/09/2005218.0
26/09/2005211.8
27/09/2005209.2
28/09/2005208.0
29/09/2005209.2
30/09/2005209.8
03/10/2005193.0
04/10/2005182.8
05/10/2005190.5
06/10/2005208.4
07/10/2005202.2
10/10/2005198.3
11/10/2005197.4
12/10/2005214.1
13/10/2005224.8
14/10/2005241.4
17/10/2005226.4
18/10/2005218.0
19/10/2005223.9
20/10/2005217.7
21/10/2005219.6
24/10/2005217.2
25/10/2005209.0
26/10/2005202.6
27/10/2005212.3
28/10/2005210.3
31/10/2005198.8
01/11/2005193.1
02/11/2005197.4
03/11/2005195.2
04/11/2005196.9
07/11/2005194.9
08/11/2005194.0
09/11/2005192.4
10/11/2005189.9
11/11/2005189.8
14/11/2005190.9
15/11/2005184.1
16/11/2005180.0
17/11/2005177.2
18/11/2005176.5
21/11/2005175.7
22/11/2005175.1
23/11/2005167.9
24/11/2005168.5
25/11/2005163.0
28/11/2005161.4
29/11/2005164.9
30/11/2005167.4
01/12/2005164.5
02/12/2005158.0
05/12/2005160.6
06/12/2005154.4
07/12/2005161.4
08/12/2005163.8
09/12/2005167.2
12/12/2005161.5
13/12/2005162.6
14/12/2005156.3
15/12/2005158.7
16/12/2005159.5
19/12/2005162.1
20/12/2005160.9
21/12/2005158.9
22/12/2005154.4
23/12/2005152.8
26/12/2005155.3
27/12/2005153.0
28/12/2005153.9
29/12/2005155.4
30/12/2005155.5
02/01/2006155.3
03/01/2006147.5
04/01/2006137.8
05/01/2006141.8
06/01/2006144.6
09/01/2006147.6
10/01/2006161.3
11/01/2006156.7
12/01/2006157.4
13/01/2006164.0
16/01/2006161.3
17/01/2006162.4
18/01/2006164.8
19/01/2006156.8
20/01/2006155.5
23/01/2006155.0
24/01/2006150.8
25/01/2006152.8
26/01/2006150.5
27/01/2006149.3
30/01/2006151.6
31/01/2006156.8
01/02/2006155.1
02/02/2006154.4
03/02/2006156.3
06/02/2006153.1
07/02/2006149.1
08/02/2006154.0
09/02/2006151.4
10/02/2006143.2
13/02/2006141.1
14/02/2006138.3
15/02/2006133.0
16/02/2006136.3
17/02/2006131.6
20/02/2006132.2
21/02/2006133.2
22/02/2006136.6
23/02/2006130.4
24/02/2006130.0
27/02/2006123.0
28/02/2006122.9
01/03/2006119.6
02/03/2006116.6
03/03/2006123.4
06/03/2006125.7
07/03/2006132.7
08/03/2006143.3
09/03/2006138.6
10/03/2006139.6
13/03/2006134.1
14/03/2006138.5
15/03/2006135.8
16/03/2006133.6
17/03/2006132.6
20/03/2006134.7
21/03/2006139.2
22/03/2006144.3
23/03/2006142.1
24/03/2006145.5
27/03/2006147.6
28/03/2006150.1
29/03/2006153.7
30/03/2006149.0
31/03/2006146.1
03/04/2006144.9
04/04/2006144.1
05/04/2006144.9
06/04/2006148.3
07/04/2006153.2
10/04/2006155.5
11/04/2006155.5
12/04/2006154.5
13/04/2006154.9
14/04/2006154.9
17/04/2006155.5
18/04/2006150.2
19/04/2006141.9
20/04/2006140.6
21/04/2006140.5
24/04/2006141.5
25/04/2006142.8
26/04/2006143.2
27/04/2006137.8
28/04/2006135.8
01/05/2006135.8
02/05/2006135.1
03/05/2006133.5
04/05/2006135.1
05/05/2006135.7
08/05/2006136.5
09/05/2006144.0
10/05/2006148.1
11/05/2006150.8
12/05/2006164.4
15/05/2006179.3
16/05/2006173.7
17/05/2006174.5
18/05/2006194.1
19/05/2006195.5
22/05/2006221.8
23/05/2006210.0
24/05/2006227.6
25/05/2006222.7
26/05/2006213.9
29/05/2006215.8
30/05/2006221.1
31/05/2006220.5
01/06/2006215.4
02/06/2006217.5
05/06/2006235.1
06/06/2006235.5
07/06/2006232.4
08/06/2006235.5
09/06/2006231.6
12/06/2006237.1
13/06/2006247.0
14/06/2006250.3
15/06/2006246.8
16/06/2006246.3
19/06/2006249.5
20/06/2006260.4
21/06/2006276.1
22/06/2006282.7
23/06/2006310.8
26/06/2006324.8
27/06/2006332.7
28/06/2006325.9
29/06/2006316.1
30/06/2006294.1
03/07/2006274.6
04/07/2006273.3
05/07/2006288.8
06/07/2006282.8
07/07/2006272.8
10/07/2006267.3
11/07/2006262.3
12/07/2006264.3
13/07/2006280.1
14/07/2006278.4
17/07/2006286.2
18/07/2006280.8
19/07/2006272.2
20/07/2006266.2
21/07/2006263.2
24/07/2006260.2
25/07/2006249.2
26/07/2006240.6
27/07/2006220.2
28/07/2006222.3
31/07/2006220.3
01/08/2006225.5
02/08/2006224.3
03/08/2006218.2
04/08/2006204.7
07/08/2006196.1
08/08/2006197.0
09/08/2006189.6
10/08/2006196.7
11/08/2006190.8
14/08/2006194.5
15/08/2006193.0
16/08/2006184.9
17/08/2006177.0
18/08/2006178.6
21/08/2006186.8
22/08/2006192.9
23/08/2006197.5
24/08/2006206.5
25/08/2006212.0
28/08/2006208.0
29/08/2006210.3
30/08/2006204.2
31/08/2006195.9
01/09/2006196.4
04/09/2006194.8
05/09/2006186.0
06/09/2006187.9
07/09/2006197.5
08/09/2006197.8
11/09/2006202.8
12/09/2006199.3
13/09/2006199.4
14/09/2006202.4
15/09/2006197.7
18/09/2006187.3
19/09/2006193.6
20/09/2006195.8
21/09/2006207.0
22/09/2006224.3
25/09/2006226.4
26/09/2006222.3
27/09/2006213.0
28/09/2006213.2
29/09/2006217.9
02/10/2006216.7
03/10/2006221.7
04/10/2006226.3
05/10/2006218.7
06/10/2006212.6
09/10/2006213.2
10/10/2006202.8
11/10/2006203.4
12/10/2006194.2
13/10/2006192.1
16/10/2006191.3
17/10/2006194.3
18/10/2006184.7
19/10/2006179.1
20/10/2006182.8
23/10/2006187.9
24/10/2006186.4
25/10/2006181.3
26/10/2006176.3
CDS
0
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5 Yllk KFT (CDS) Oranlar
EMBI+ Turkey
JP Morgan EMBI+ Trkiye Endeksi
27/08/2002913
28/08/2002915
29/08/2002926
30/08/2002916
03/09/2002947
04/09/2002945
05/09/2002950
06/09/2002924
09/09/2002931
10/09/2002968
11/09/2002948
12/09/2002961
13/09/2002970
16/09/2002976
17/09/2002979
18/09/2002997
19/09/2002990
20/09/2002991
23/09/20021009
24/09/20021005
25/09/2002982
26/09/2002987
27/09/20021002
30/09/20021024
01/10/20021001
02/10/2002991
03/10/2002979
04/10/2002976
07/10/2002982
08/10/2002986
09/10/2002994
10/10/2002993
11/10/2002976
15/10/2002938
16/10/2002917
17/10/2002896
21/10/2002882
22/10/2002874
23/10/2002871
24/10/2002893
25/10/2002892
28/10/2002871
29/10/2002880
30/10/2002844
31/10/2002834
01/11/2002851
04/11/2002825
05/11/2002769
06/11/2002778
07/11/2002773
08/11/2002782
12/11/2002800
13/11/2002787
14/11/2002751
15/11/2002728
18/11/2002704
19/11/2002718
20/11/2002695
21/11/2002668
22/11/2002671
25/11/2002676
26/11/2002694
27/11/2002675
29/11/2002616
02/12/2002617
03/12/2002624
04/12/2002632
05/12/2002647
06/12/2002656
09/12/2002671
10/12/2002654
11/12/2002645
12/12/2002628
13/12/2002614
16/12/2002621
17/12/2002637
18/12/2002673
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20/12/2002685
23/12/2002680
24/12/2002697
26/12/2002695
27/12/2002701
30/12/2002700
31/12/2002693
02/01/2003676
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06/01/2003653
07/01/2003700
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10/01/2003684
13/01/2003671
14/01/2003693
15/01/2003699
17/01/2003721
21/01/2003722
22/01/2003730
23/01/2003720
24/01/2003714
27/01/2003712
28/01/2003699
29/01/2003693
30/01/2003697
31/01/2003706
03/02/2003703
04/02/2003717
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10/02/2003709
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10/03/2003747
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12/03/2003754
13/03/2003753
14/03/2003747
17/03/2003887
18/03/2003803
19/03/2003923
20/03/2003976
21/03/2003988
24/03/20031103
25/03/2003997
26/03/20031012
27/03/20031055
28/03/20031019
31/03/2003976
01/04/2003983
02/04/2003966
03/04/2003905
04/04/2003878
07/04/2003850
08/04/2003854
09/04/2003884
10/04/2003905
11/04/2003891
14/04/2003830
15/04/2003806
16/04/2003793
17/04/2003786
21/04/2003780
22/04/2003782
23/04/2003783
24/04/2003792
25/04/2003794
28/04/2003792
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23/05/2003740
27/05/2003749
28/05/2003734
29/05/2003726
30/05/2003715
02/06/2003711
03/06/2003717
04/06/2003709
05/06/2003698
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