Ziraat surprises most as trio of Turkish state banks look for loans

Turkey’s largest state-owned bank Ziraat Bank has approached the market for its first syndicated loan since 1992. But the borrower’s rare foray has prompted accusations by lenders that, by requesting its loan at 100bp all-in, Ziraat is attempting to jump on the low pricing bandwagon that Turkish banks are riding this year — and without being likely to offer enough ancillary business as compensation.