Page 43 - TURKRptOct19

“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