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                 “I was expecting an M&A volume of at least $10bn at the start of the year. M&A activities generally gain momentum in the final quarter of the year. Thus, I am forecasting the M&A volume will reach $3bn at the end of 2019. We are cautiously optimistic for 2020,” Cantekinler added.
A total of 139 M&A deals have been sealed this year in the country and the number of transactions will probably hit 200 by the end of 2019, according to Gokhan Kacmaz of KPMG.
Last year, 191 transactions were completed.
“We have not seen ‘large deals’, which are the transactions with a value of a billion dollars or more. This year’s largest deals are between $200mn and $250mn,” Kacmaz added.
In 2012, the volume of M&A activities at as high as $23.2bn. The M&A decline seen in recent years has been partly caused by geopolitical tensions, the July 2016 coup attempt and subsequent purges, the downgrading of Turkey’s credit ratings and the economic turmoil faced by businesses since last year’s lira crisis.
The years 2015 and 2016 saw $10.7bn and $4.6bn worth of M&A transactions, respectively.
   5.4 External Debt
     Major syndicated loan renewals by Turkish lenders
      Date
 Bank
       Total ($)
 Renewal Rate (%)
    Maturity (days)
       $mn
 Spread over Libor (bp)
       € tranche
   Spread over Euribor (bp)
     Sep-19
  Akbank
      810
  83
    367
      402
  225
      373.5
    210
     Aug-19
ING Turkey
    305
49
  367
    96
250
    190
  240
     Jul-19
  TSKB
      177
  80
    367
      67.5
  200
      97.5
    200
     May-19
Isbank
    1000
69
  367
    323.50
250
    644.9
  240
     May-19
 Garanti
     784
 63
   367
     326
 250
     408.75
   240
     May-19
    Yapi Kredi
      1000
    77
    367
       350.4
    250
      606.8
      240
  43 TURKEY Country Report October 2019 www.intellinews.com
 


























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