Pricing widens on Akbank ESG loan though new lenders join
Turkish lender Akbank has managed to roll over a syndicated loan, which also marks its debut piece of ESG financing. However, pricing widened beyond expectations owing to heightened volatility in both domestic and international markets.
The one year syndicated loan consists of a $344.5m tranche and a €279m tranche.
It refinances a $603.07m-equivalent one year loan signed last April.It was hoped that the margin would be tighter than on Akbank’s last syndicated loan in November, but with all-in pricing of 225bp over Euribor ...