Page 33 - TURKRptDec20

5.3​ External Debt
Major foreign loans obtained by Turkish borrowers Total Renewal
Maturity Tranche Cost Tranche Cost (days) 1 1 2 2
Nov-20 Eximbank Nov-20 Vakifbank Nov-20 Garanti
Nov-20 QNBFinansbank Nov-20 QNBFinansbank Nov-20 Eximbank Nov-20 Sapro
Nov-20 Isbank
Oct-20 Ziraat
Oct-20 TEB
Oct-20 Yapi Kredi Oct-20 Alternatif Bank Oct-20 Akbank
(mn) Rate
$200 China
$660 109% 367 $636 79% 367 $350 127% 367
€50 EBRD 2-year $561 95% 1-year
€11 EBRD
$762 93% 367
$20 Citi 1-year $335 84% 367 $855 90% 367
$50 EBRD-IFC
$800 99% 367
Currency Breakdown of EM Sectoral Debt, % of GDP Non-financial corporates
$268 Libor+2.50% $114 Libor+2.50%
$238 Libor+2.50%
$42 Libor+2.50% $334 Libor+2.50%
$388 Libor+2.50%
Government
Euribor+2.25% Euribor+2.25% Euribor+2.25%
Euribor+2.25%
Euribor+2.25% Euribor+2.25%
Euribor+2.25%
Households
Turkey
source: iif
Households Q3/20 Q3/19
18 14.7
Non-financial Q3/20 Q3/19
77.5 65.4
Government Q3/20 Q3/19
43.6 32.3
Financial Sector Q3/20 Q3/19 28.7 25.2
2-year ICBC
$160 Libor+2.50%
€421
€312
€201
€448
€250 €441
€349
Financial Sector
end-Sep LC FC USD EUR LC
Turkey 42.4 35.2 15.3 19.1 19.1 24.4 14.9 6.2 5.6 23.1 18.4 4.7 18 0 Total Global Debt by Sector, % of GDP
FC USD EUR LC FC USD EUR LC FC
The Institute of International ​Finance​ (IIF): “Lebanon, China, Malaysia and Turkey have seen the biggest increases in non-financial sector debt ratios since 2019 amongst EMs. While sharp economic contractions drove surging debt ratios in many cases (notably in Lebanon), the dollar value of debt also rose sharply in China, Egypt, Saudi Arabia, the Philippines and Turkey over the first three quarters of 2020.”
TEB (Turk Ekonomi Bankasi), French lender BNP Paribas’ mid-size Turkish unit, has obtained a $335mn 367-day syndicated loan, the lender ​said​ on October 30.
Yapi Kredi Bank obtained an $855mn syndicated loan, suggesting a rollover rate of 90%.
All costs are identical with the benchmark set by Akbank, a leading Turkish lender, controlled by conglomerate Sabanci Holding, at Libor+2.50% and Euribor+2.25%.
Turk Eximbank (Export Credit Bank of Turkey) has received a ​syndication​ loan worth $561mn with a one-year maturity. “The bank has made plans to offer an additional resource of approximately $350mn from international markets until the end of 2020,” trade minister said.
33​ TURKEY Country Report​ December 2020 ​ ​www.intellinews.com