Alternatifbank nets bigger, cheaper loan

19 May 2011

Second tier Turkish bank Alternatifbank has signed a $235m one-year trade finance loan, reducing its borrowing costs in the process. Standard Chartered led the new facility, which will pay 170bp all-in and was syndicated as a club deal. It is replacing a $198m loan signed in May 2010 that paid 210bp.

The loan comprises a Eu133.5m euro tranche and $45m in dollars. Commerzbank acted as agent on the deal. Alternatifbank’s loan is the largest it has ever signed.

Isbank, another Turkish bank, also signed a loan this week, having raised $290m and Eu626m.

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