Sarp Ulay Kavrar
London,United Kingdom
Summary
Results-driven Credit Trader and Fixed Income Specialist with a strong track record in emerging market (EM) hard currency bonds. Proven expertise in sales, execution, and flow trading, with a focus on Turkey. Adept at identifying market opportunities, having founded and led Turkey Desks at multiple financial institutions, significantly expanding trading volume and institutional relationships.
Currently serving as a Credit Trader at Forte Securities, where I successfully established the Turkey Desk from scratch, opened trading lines with major Turkish banks and asset managers, and executed trades total $16.8 billion in 2024 and $6 billion in 2023. Strong expertise in private placements, having structured and issued $4.5 billion in Medium-Term Notes (MTNs) as a book runner.
Previous experience includes roles at STX Fixed Income and İş Yatırım, where I played a key role in expanding EM bond trading, improving desk performance, and driving business growth. Passionate about fixed-income markets, trade structuring, and market strategy development, with a deep understanding of risk management and institutional client engagement.
Overview
7
7
years of professional experience
11
11
years of post-secondary education
Work history
Credit Trader
Forte Securities
London
10.2022 - 03.2025
- Launched the Turkey Desk from the scratch, establishing Forte Securities presence in the Turkish fixed-income market.
- Opened trading lines with nearly all major Turkish banks and asset managers, significantly expanding market access.
- Specializing in execution, sales and flow trading of EM hard currency bonds, with particular focus on Turkey.
- Achieved a trading volume of $16.8 billion in 2024 and $6 billion in 2023, reflecting strong growth and execution capabilities.
- Identified an opportunity in the private placement market and spearheaded a new business segment. Acted as a book runner in Structuring and Issuing $4.5 billion in Medium-Term Notes(MTNs) with Turkish Banks.
- Built and managed key institutional relationships, executing large block trades and bespoke structured deals for clients.
Credit Trader
STX Fixed Income
Amsterdam
06.2022 - 10.2022
- Launched the Turkey Desk, establishing STX Fixed Income's market entry into Turkish EM bonds.
- Managed execution, pricing, and risk management for hard currency bonds, focusing on Turkish corporates and sovereign debt. Also traded South Africa, Pakistan, Iraq, Hungary and Azerbaijan
- Successfully onboarded multiple institutional clients, securing new revenue streams for the firm.
- Provided real-time market insights and trade strategies, supporting clients in optimizing their portfolios.
Credit Trader
İş Yatırım
Istanbul
04.2021 - 05.2022
- Managed and executed hard currency bond trading for both İş Yatırım’s proprietary book and institutional clients.
- Providing market analysis, trade ideas and risk management for Institutional and high-net-worth investors.
- Proven track record of high trading volume
- Became the Firms leading Eurobond trader within one year, increased the desks total trading volume by 212%
Management Trainee
QNB Finansbank
Istanbul
09.2019 - 04.2021
- Managed a corporate client portfolio, handling credit lines, risk assessments and financial structuring.
- Preparing credit proposals based on financial analysis of the clients, managing credit lines and oversaw credit risks.
- Executed daily pricing, sales and management of credit, time deposit, F/X and cash-flow products in cooperation with other business and product units
- Created a potential start-up project called Plutus by pursuing on our MT program's capstone project
- Then Plutus outstand among others and presented to Corporate Banking Executive Vice President
- Made educational presentations about 'Capital Stock Markets' and 'Banking Size of Turkey' for other Management Trainees.
Audit Trainee
KPMG
Istanbul
11.2018 - 05.2019
- Conducted financial audits and analytical reviews in compliance with International Standards on Auditing.
- Assessed revenue recognition, asset valuation and risk exposure for multinational clients.
- Assisted in preparing IFRS financial statements and their footnotes
Investment Banking Intern
Deniz Yatırım
Istanbul
07.2018 - 08.2018
- Tracking developments in global and domestic markets such as equities, fixed income, commodities and macroeconomic environments
Education
Master of Business Administration - Economics
Koç University
Istanbul 09.2019 - 07.2020
Business-Economics -
Istanbul Bilgi University
09.2013 - 01.2019
Lycée Saint Benoit - Mathematics
Lycée Saint Benoit
01.2008 - 01.2013
Languages
Turkish
English
Timeline
Credit Trader
Forte Securities
10.2022 - 03.2025
Credit Trader
STX Fixed Income
06.2022 - 10.2022
Credit Trader
İş Yatırım
04.2021 - 05.2022
Management Trainee
QNB Finansbank
09.2019 - 04.2021
Master of Business Administration - Economics
Koç University
09.2019 - 07.2020
Audit Trainee
KPMG
11.2018 - 05.2019
Investment Banking Intern
Deniz Yatırım
07.2018 - 08.2018
Business-Economics -
Istanbul Bilgi University
09.2013 - 01.2019
Lycée Saint Benoit - Mathematics
Lycée Saint Benoit
01.2008 - 01.2013
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