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Akbank deal sets Turkish trade benchmark
22 August 2011
A trade loan syndication for Turkey’s Akbank has created a new low in pricing that bankers predict other Turkish FIs will find tough to emulate.
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Turkey Akbank
Isbank
VakifBank
Turkey’s Akbank has benefitted from fortunate timing as banks signed an oversubscribed $1.4 billion trade refinancing this month.
A group of more than forty banks joined the syndication which easily surpassed its $1.2 billion target amount. The one-year loan refinances a $237.4 million tranche and Eu606.175 million tranche of an existing $1.2963 billion facility signed in August 2010.
The deal split into two tranches: a $422 million tranche and a EU708.5...
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