Yapi Kredi loan flies as banks stick with troubled Turkey

Yapi Kredi Turkey Istanbul street from Alamy 230x150
By Jon Hay, Mariam Meskin
08 May 2019

Yapı Kredi Bank signed its spring loan refinancing on Thursday, having wrapped up the deal at $1.03bn. Bank of America Merrill Lynch and UniCredit are coordinators of the deal, which has 49 banks participating. The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks.

BAML is documentation agent and Mizuho facility agent on the loan.

The deal’s conclusion comes as Turkey has once again taken a lurch wider in credit markets, after President Recep Tayyip Erdoğan decided that the election for mayor of Istanbul should be rerun. The move has drawn criticism from the Turkish business lobby ...

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