Turkey shines as Garanti raises $1bn

19 Nov 2009

Turkey’s loan market continued its impressive march this week as Garanti Bank signed a $700m loan on Thursday. The borrower received commitments of over $1bn from 35 banks to confound critics of the deal’s 200bp all-in yield.

“The Turkish FI market has shown its strength again,” said a banker in Frankfurt. “It’s been sturdy all year. Lenders are increasingly vocal about borrowers becoming more aggressive, but these deals are still flying.”

The loan also marks the first time this year that a Turkish bank has managed ...

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