Turkish banks achieve tighter pricing in refi round

Turkey PA 230 x150
By Silas Brown
03 Oct 2019

Lenders have allowed a cut to Turkish bank margins in their latest refinancing round, according to people familiar with the matter, as the lira recovers from its 2018 crash and the local regulator becomes tougher on bad loans.

Akbank, Isbank, TEB and Vakifbank have so far entered the market, according to sources, with each expecting a margin cut.

Akbank, which tends to open refinancing rounds for banks in Turkey, is refinancing $979.7m-equivalent one year dollar and euro term loans signed in September last year. Bank of ...

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