CEEMEA Corporates Today: Bank RBK, ADM Elektrik, Turkish renewables (AYDEMT, LIMYEN, ZOREN)

Research evidence excerpt

CEEMEA Corporates Today: Bank RBK, ADM Elektrik, Turkish renewables (AYDEMT, LIMYEN, ZOREN)

J P M O R G A N CEEMEA Credit Research

01 July 2026

CEEMEA Corporates Today

Bank RBK, ADM Elektrik, Turkish renewables

(AYDEMT, LIMYEN, ZOREN)

News EM CEEMEA Corporate Research

Zafar Nazim, CFA AC

• Initiate on Bank RBK 31s with an OW (44-20) 7134-7551

zafar.nazim@jpmorgan.com

• ADM Elektrik reports weaker yoy 1Q26 results, but guidance unchanged – J.P. Morgan Securities plc

AC Remain Neutral Lorenzo Parisi, CFA

• Aydem Renewables, Limak Renewable Energy and Zorlu Enerji – Update on (44-20) 3493-3150

generation figures (January-May 2026) and electricity spot prices (January- lorenzo.parisi@jpmorgan.com

J.P. Morgan Securities plc

June 2026) AC Konstantin Rozantsev

Prices in this Note are as of the time of writing on July 1st 2026 (44-20) 7742-0275

konstantin.rozantsev@jpmorgan.com

Emerging Europe Nikhil Bhat, CFA

Initiate on Bank RBK 31s with an OW (44-20) 3493-8074

nikhil.x1.bhat@jpmorgan.com

We initiate on RBKKZ 31s seniors (ask z+399) with an OW. These bonds trade

Nandini Bommakanti

about 110bp wide of FORTEB seniors maturity-matched and about 130bp wide of (44-20) 3493-3515

CEMBI Broad BB bonds with a 5y tenor, on our estimate. RBK's smaller size nandini.bommakanti@jpmorgan.com

makes us somewhat more cautious on this bank, as smaller size generally means J.P. Morgan Securities plc

potentially less sticky funding, and we view somewhat un-favourably its below Keshav Maheshwari

sector average CET1 CAR position too, yet these concerns are not of near-term (91-22) 6157-3133

importance, in our view. Same as for the peers, we get comfort from the positive keshav.x.maheshwari@jpmchase.com

macro outlook, which suggests that loan risks are contained at present, banks' J.P.