Turkish fears re-intensify, but FIs unscathed as Akbank closes

By Mariam Meskin
27 Mar 2019

Akbank has closed an oversubscribed loan, welcoming eight new banks to its syndicate and kickstarting the refinancing season for Turkish banks. The deal was signed amid increasing market uncertainty in Turkey, with the lira having weakened and uncertainty surrounding local elections this weekend.

Akbank closed the syndication at $700m-equivalent, after launching the initial refi at $600m. That was smaller than the deal it was refinancing, which was $1.2bn, of which $900m-equivalent was in the tranches being refinanced this time. The rest will be refinanced next ...

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