Turkish banks to refinance one-year syndicated loans
Turkish banks Garanti, Ziraat Bank and Turk Eximbank are seeking to refinance one-year syndicated loans, Global Capital reported.
The companies have launched so-called book-building for the borrowing, Global Capital said, citing two unnamed bankers. The pricing of the loans would be in line with a transaction by listed bank Akbank in February, it said.
Turkish banks are seeking to roll over part or all of their borrowing, which has become more expensive to pay since a currency crisis ripped through the economy last year. The lira lost almost a third of its value against the dollar during 2018 and has weakened about 3.3 percent this year.
Akbank borrowed the equivalent of $600 million to partially refinance $1.2 billion in borrowing at 250 basis points over benchmark Libor rates and 240 basis points over Euribor via coordinators including Bank of America and Standard Chartered.