Page 24 - Turkey Outlook 2023

Total Renewal Maturity Tranche Cost Tranche Cost
(mn) Rate (days) 1 1 2 2
Nov-22 Garanti BBVA (GARAN) $401 65% 367-day $155 SOFR+4.25% €239 Euribor+4.00%
Nov-22 QNB Finansbank (QNBFB) $545 104% 367-day $185 SOFR+4.25% €253 Euribor+4.00%
Nov-22 Vakifbank (VAKBN) $560 91% 367-day $223 SOFR+4.25% €328 Euribor+4.00%
Nov-22 Isbank (ISCTR) $535 69% 367-day $191 SOFR+4.25% €331 Euribor+4.00%

Nov-22 Turk Eximbank $588 101% 1-year €404 €136 Chinese yuan 350mn
Nov-22 Denizbank $606 78% 367-day $277 SOFR+4.25% €330 Euribor+4.00%
Nov-22 Yapi Kredi Bank (YKBNK) $458 61% 367-day $210 SOFR+4.25% €249 Euribor+4.00%
Oct-22 TEB $262 77% 367-day $64 SOFR+4.25% €200 Euribor+4.00%
Oct-22 Akbank (AKBNK) $403 60% 367-day $225 SOFR+4.25% €178 Euribor+4.00%
Jul-22 TSKB (TSKB) $109 63% 367-day $18 €90

Jun-22 ING Turkey €300 100% 367-day SOFR+2.75% Euribor+2.10%
Jun-22 Isbank (ISCTR) $774 88% 367-day $257 SOFR+2.75% €483 Euribor+2.10%
Jun-22 Denizbank $453 120% 367-day $196 €204 364-day Chinese yuan 255mn
May-22 Garanti BBVA (GARAN) $594 100% 367-day $284 SOFR+2.75% €291 Euribor+2.10%
May-22 Yapi Kredi (YKBNK) $811 91% 367-day $350 SOFR+2.75% €432 Euribor+2.10%
May-22 Turk Eximbank $745 104% 1-year $206 €504
May-22 QNB Finansbank (QNBFB) $364 118% 367-day $137 SOFR+2.75% €212 Euribor+2.10%
May-22 Vakifbank (VAKBN) $983 101% 367-day $200 SOFR+2.75% €739 Euribor+2.10%

Apr-22 Akbank (AKBNK) $701 108% 367-day $343 SOFR+2.75% €329 Euribor+2.10%
Apr-22 Ziraat Bank $1,240 100% 367-day $353 SOFR+2.75% €814 Euribor+2.10%

Fitch Ratings rates Turkey at B/Negative, five notches below
investment grade. Moody’s Rating Services rates Turkey at B3/Stable,
six notches below investment grade, while Standard & Poor’s has
Turkey at B/Stable, five notches below investment grade.

As usual, the rating agencies see Turkish banks as at one notch below
the sovereign rating.

More downgrades are on the way.

TURKEY Jul-19 Nov-19 Aug-20 Sep-20 Feb-21 Dec-21 Feb-22 Jul-22 Aug-22 Sep-22
Moody’s B1 (N) B1 (N) B1 (N) B2 (N) B2 (N) B2 (N) B2 (N) B2 (N) B3 (S) B3 (S)
Fitch BB- (N) BB- (S) BB- (N) BB- (N) BB- (S) BB- (N) B+ (N) B (N) B (N) B (N)
S&P B+ (S) B+ (S) B+ (S) B+ (S) B+ (S) B+ (N) B+ (N) B+ (N) B+ (N) B (S)

24 Turkey Outlook 2023 www.intellinews.com