Turkish banks close refi season, with wider secondaries

Turkish banks have completed the first refi season of the year and, despite ongoing geopolitical issues including concerns about Turkey's purchase of S400 missiles from Russia, spreads in the secondary loan market have stabilised at slightly wider levels.

  • By Mariam Meskin
  • 06 Jun 2019
"Most of the newer bank loans, such as Isbank and Garanti, are trading [in the secondary market] between 355bp-385bp," said a secondary loan banker in London. "The new issuers have been absorbed well in the market, but there doesn't seem to be a downward pressure on spreads right ...

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Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 172,528.37 447 11.43%
2 Bank of America Merrill Lynch 160,693.38 492 10.65%
3 Citi 96,418.79 281 6.39%
4 Wells Fargo Securities 85,095.68 309 5.64%
5 Mizuho 71,291.03 326 4.72%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 First Abu Dhabi Bank 2,481.46 9 9.72%
2 Standard Chartered Bank 2,311.00 7 9.05%
3 Citi 1,786.67 6 7.00%
4 Sumitomo Mitsui Financial Group 1,489.50 4 5.83%
5 MUFG 1,349.82 5 5.29%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,388.55 35 7.45%
2 Credit Agricole CIB 5,167.13 26 7.14%
3 Deutsche Bank 5,163.07 27 7.14%
4 Goldman Sachs 4,132.89 22 5.71%
5 JPMorgan 4,083.96 19 5.65%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 17,156.20 81 7.00%
2 Credit Agricole CIB 14,626.10 73 5.97%
3 Bank of America Merrill Lynch 13,982.20 42 5.71%
4 UniCredit 11,996.19 65 4.90%
5 SG Corporate & Investment Banking 11,443.33 58 4.67%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
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%