Page 27 - TURKRptMay20

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Dec-19 Turkcell Nov-19 Mersin Nov-19 Vakifbank Nov-19 Vakifbank Nov-19 TuREEFF Nov-19 Central bank Nov-19 Garanti Nov-19 Finansleasing Nov-19 IstanbulM. Nov-19 IstanbulM. Nov-19 IstanbulM. Nov-19 Eximbank Nov-19 Sisecam Nov-19 IstanbulM. Nov-19 TSKB
Nov-19 Isbank Oct-19 TEB
Oct-19 Yapi Kredi Oct-19 Trakya Cam Oct-19 Istanbul
€18 EBRD $4 EBRD €500 China
€17 AFD $580 82%
$150
$350 EBRD, EU
$5,000 Qatar $802 87%
€50 EBRD
€40 BSTDB €198 BNP Paribas
€80 BNP Paribas €500
€100 EBRD
€86 AFD
€85 AFD
$820 84% $401 75% $950 91%
€200
€110 Deutsche
equity 8-year
367 3.5-year since 2015
swap
7-year 11.3-year 7-year 1-year
10-year
367 3-year 5-year
grace $240
$230
3-year Libor+2.25%
Libor+2.25%
2.5-year grace 1.8-year grace 2.5-year grace Libor+2.35%
3.5-year grace
€309
€519
Euribor+2.10%
Euribor+2.10%
Euribor+2.25% Euribor+2.4%
Euribor+2.10% Euribor+2.10% Euribor+2.10% Euribor+2.95%
367
367 367
$215 $62 $370
€175
Libor+2.25% €545 Libor+2.25% €306 Libor+2.25% €520 Euribor+2.65% €25
Akbank, owned by the Sabanci conglomerate, has obtained an $560mn-equivalent and 367-day syndicated loan in two tranches of $246mn and €284mn with all-in costs at Libor+2.25% and Euribor+2.00%, it ​said​ on April 2.
The renewal rate of the syndicated loan stood at 80% as the lender obtained in March last year a $700mn loan. However, Akbank noted in its filing that the total loan amount may be increased through the “accordion” feature of the facility until the drawdown date of April 9.
Akbank ​said​ on April 8 that its total loan amount rose to $605mn at the end of the “accordion” feature. That brought its rollover rate to 86%.
The costs of the Akbank loan compared 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%), when the renewal rate stood at 83%.
Turkish lenders’ syndicated loan renewal costs fell in the spring season of 2019 after booming in the autumn season of 2018 following the country’s currency crisis that peaked in August.
However, the renewal ratios are still low, the costs remain higher than the pre-crisis costs and two-year maturities have disappeared.
The Libor+2.50% and Euribor+2.40% costs seen in spring 2019 were almost double the Libor+1.30%s and Euribor+1.20%s seen a year before, while the two-year, one-day tranches seen in spring 2018 are no longer available.
On a positive note, the costs in the spring of 2019 compared lower than the Libor+2.75%s and Euribor+2.65%s seen in autumn 2018.
27​ TURKEY Country Report​ May 2020 ​ ​www.intellinews.com