Garanti lands first ESG loan despite coronavirus chaos

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By Mariam Meskin
20 May 2020

Turkey’s Garanti Bank has raised a $592.4m-equivalent ESG-linked syndicated loan — the first of its kind signed by a bank. The deal, despite being launched at the beginning of the coronavirus crisis, went successfully, according to bankers, following a string of refinancings by other Turkish banks.

The loan consists of €317m and $245.5m tranches. Margins on the loan are similar to other Turkish bank refinances signed since April, at 200bp over Euribor and 225bp over Libor, before any adjustments for its ESG performance.

The first ESG-linked loan signed by a bank, it includes a margin adjustment ...

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