Page 19 - TURKRptNov20
P. 19
Oct-20 Akbank
May-20 Isbank
May-20 Garanti
May-20 Yapi Kredi May-20 Eximbank May-20 QNB Finansbank
$800
$800
$699
$870
$723
$255
$950
99% 78% 89% 87% 134% 128% 86% 77% 86%
new 82% 87%
84% 91% 75% 83% 49% 80% 69% 63% 77%
367
367
367
367
367
367
367
367
367
367 367 367
1-year 367
367
367
367
367
367
367
367
367
$388 Libor+2.50%
$208 Libor+2.25% EBRD Libor+2.25% $284 Libor+2.25% Libor+2.50%
€349 Euribor+2.25% €539 Euribor+2.00% IFC Euribor+2.00% €535 Euribor+2.00% Euribor+2.25%
Apr-20 Vakifbank
Apr-20 Ziraat $1,100 Apr-20 Akbank $605
$312 Libor+2.25% $415 Libor+2.25% $256 Libor+2.25%
$59 3-year 1-day $150 Libor+2.25%
$240 Libor+2.25% $230 Libor+2.25% Libor+2.35% $215 Libor+2.25% $370 Libor+2.25% $62 Libor+2.25% $402 Libor+2.25% $96 Libor+2.50% $68 Libor+2.00% $324 Libor+2.50% $326 Libor+2.50% $350 Libor+2.50%
€590 Euribor+2.00% €597 Euribor+2.00% €316 Euribor+2.00%
€184 3-year 1-day €40 Euribor+2.10% €309 Euribor+2.10% €519 Euribor+2.10% Euribor+2.25% €545 Euribor+2.10% €520 Euribor+2.10% €306 Euribor+2.10% €374 Euribor+2.10% €190 Euribor+2.40% €98 Euribor+2.00% €645 Euribor+2.40% €409 Euribor+2.40% €607 Euribor+2.40%
Dec-19 QNB Finansbank $457 Dec-19 Denizbank $1,100
367
Nov-19 Vakifbank Nov-19 Garanti Nov-19 Eximbank Nov-19 Isbank
Oct-19 Yapi Kredi Oct-19 TEB Oct-19 Akbank
Aug-19 ING Turkey Jul-19 TSKB
$580
$802
€500
$820
$950
$401
$810
$305
$177
May-19 Isbank $1,030 May-19 Garanti $784 May-19 Yapi Kredi $1,000
19 TURKEY Country Report November 2020
www.intellinews.com
Euribor+10% seen in October 2019.
The lender obtainedan additional $100mn through the accordion facility later on.
As a result, the total amount increased to $800mn, suggesting a rollover rate of 99%.
Turkish banks have 367-day—a ‘trick’ maturity to register loans as long-term using two extra days—syndicated loan renewal seasons twice a year, with one in spring (April-May) and the other in autumn (October-November).
Akbank always sets the benchmark for interest rates.
In April, amid the first peak of the coronavirus pandemic, Akbank managed to set costs at Libor+2.25% and Euribor+2.00%, lower than those of the March 2019 loan (Libor+2.50% and Euribor+2.40%), while only the cost of the euro tranche was slightly lower when held up against an October 2019 loan (Libor+2.25% and Euribor+2.10%).
However, rollover rates were low and the accordion emerged as a new feature. Notably, the European Bank for Reconstruction and Development (EBRD) and the World Bank’s International Finance Corporation (IFC) have supported Turkish lenders’ rollovers.
The rollover rates will be watched in subsequent deals.
Total Renewal Maturity Tranche Cost Tranche Cost (mn) Rate (days) 1 1 2 2
$45 €193
