Turkish corps can handle refi needs, says Moody’s

Most rated Turkish corporates can handle their refinancing needs over the next 12-18 months, according to Moody’s. This is despite anecdotal evidence from bankers about deteriorating loan metrics in the country.

  • By Mike Turner
  • 11 Sep 2018

Healthy liquidity and staggered debt maturities “should shield most rated Turkish non-financial companies’ credit quality from potential refinancing risks,” said Moody’s in a note on Tuesday.

This is despite sharply deteriorating conditions in Turkey, with poor GDP growth, challenging financial conditions and a weak currency. 

However, London-based loans bankers said ...

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Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 32,121.03 52 15.79%
2 Bank of America Merrill Lynch 24,156.98 67 11.87%
3 Mizuho 9,935.55 34 4.88%
4 MUFG 9,041.37 66 4.44%
5 Citi 8,308.84 31 4.08%

Bookrunners of Middle East and Africa Loans

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1 First Abu Dhabi Bank 766.21 2 8.47%
1 BNP Paribas 766.21 2 8.47%
1 Abu Dhabi Commercial Bank PJSC 766.21 2 8.47%
5 Standard Chartered Bank 409.06 1 4.52%

Bookrunners of European Leveraged Loans

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1 BNP Paribas 484.94 3 17.32%
3 SG Corporate & Investment Banking 194.57 2 6.95%
3 HSBC 194.57 2 6.95%
5 Natixis 174.13 2 6.22%

Bookrunners of European Marketed Syndicated Loans

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2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%