The largest beermaker in the Middle East is being buffetted in the world's credit markets at the same time Turkish Prime Minister Recep Tayyip Erdogan has been clamping down on sales of alcohol and its attendant advertising.

The dollar bond yields for Anadolu Efes Biracilik Malt Sanayi AS's (AEFES) that fall due on November 2022 has increased 53 basis points from May 9. This last week alone, it increased by a record 3.99% as soon as the Turkish parliament had approved the latest law that restricted the sale and consumption of alcohol. 

The share value of Efes, the Istanbul based beermaker fell as Parliament passed laws that banned the promotion of alcohol, forbade retailers from putting up alcohol displays that would make them visible from outside the shops. require warning labels, prohibit scenes that may encourage drinking and many other restrictions. According to Prime Minister Erdogan, the action was in line with the constitutional obligation to protect the country's youth.

According to opponents of the legislation, the said actions undertaken were part of a larger Islamist agenda touted by the current administration. EFES management was in Ankara to meet with government officials and no comment can be provided as of the moment.