Page 39 - TURKRptDec21

America (New York/BAC)
Sep-21
Aklease
$35
BSTDB
5-year
Sep-21
OEDAS (Zorlu/ZOREN)
$50
EBRD
IFC
FMO
Sep-21
QNB Finansleasing
$100
syndicated
2-5-year
FMO (Netherlands)
Atlantic Forfaiting (Switzerland)
KfW, EFSE, MEF (Germany)
OeEB (Austria)
Aug-21
TEB
$50
EBRD
Aug-21
Sesa Ambalaj (Dogan(DOHOL)
€11
EBRD
5-year
Aug-21
Central bank
$6,370
IMF
SDR
allocation
Aug-21
Turkish municipalities
$410
Japan
25-year
Libor+0.95%
7-year grace
JPY45bn
Aug-21
Sisecam (SISE)
$75
IFC
Aug-21
Taiwan-Reyhanli Centre
$0.2
Taiwan
grant
Aug-21
Socar Turkey
$1,300
40%
5-year
syndicated
Libor+3.45%
Euribor+3.45%
Aug-21
Akbank (AKBNK)
$300
Deutsche
repo
sustainable
In the autumn season of this year, nine Turkish banks renewed around $6bn worth of syndicated loan facilities at a combined renewal rate of 102%.
Costs fell by 35bp to Libor+2.15% for the USD tranches and by 50bp to Euribor+1.75% for the EUR tranches.
Turkish banks conduct 367-day—a ‘trick’ maturity for registering loans as long-term by using two extra days—syndicated loan renewal seasons twice a year, with one season in spring (April-May) and the other in autumn (October-November).
Akbank traditionally sets the benchmark for the interest rates. The spring season in 2022 will last from April to July, with 10 banks to renew $8bn worth of loans.
39 TURKEY Country Report December 2021 www.intellinews.com