Akbank launches refi as market splits over Turkey outlook
Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.
Akbank is launching the refinancing at a size of about $600m-equivalent, which is half of the existing $1.2bn-equivalent loan signed in March 2018.
Bank of America Merrill Lynch, Emirates NBC, ICBC and Standard Chartered and are co-ordinators on the transaction.The existing term loan consisted of three tranches, all of which mature in March ...