Denizbank is paying 135bp all-in for the facility. This has been the benchmark price for Turkey’s financial institutions in the second half of the year, since Isbank in August broke through the first half benchmark of 145bp that had been set by Akbank in March. In the event,
But Denizbank hasn’t always been able to follow other Turkish banks on pricing. The credit tried to sign its October 2011 loan at 100bp — which was then the benchmark among Turkey’s top tier banks — but flexed the pricing to 130bp halfway through syndication in recognition of the increased cost of funding among its lending group.
Garanti has since undercut the new 135bp benchmark, launching a $1.7bn-equivalent loan at an all-in of 125bp.
Elsewhere in Turkey, ING Bank Turkey has hired Standard Chartered and Wells Fargo to co-ordinate its debut syndicated loan. That deal is priced at 135bp all-in.