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Deal's concession came to just a few basis points
Uzbek bank's deal is the first deal from the country in 2026
The lender started investor meetings late in April
The trade is the first from a 'mid-tier' Uzbek lender
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After a week of speculation over which central banks would provide Turkey with a currency swap line, its central bank has announced an increase to an existing arrangement. -
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.
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Yapi Kredi is the latest Turkish bank to refinance existing debt, following peers like Akbank and VakifBank. But bankers said that margins on its deal do not reflect current market conditions.
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Emerging market borrowers are turning their noses up at the terms on offer in the loan market, which have become dearer during the coronavirus pandemic. Lenders say they are willing and ready to lend, but are not ready to concede on their terms, writes Mariam Meskin.
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Ukraine’s politicians have finally passed a banking law that will put the country in line for a support package from the International Monetary Fund.
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Turkey has stood out among emerging market countries for its rapid-fire approach to monetary policy, as it attempts to turbo-charge growth amid the coronavirus pandemic. But with sustained downward pressure on the lira, few foreign investors are willing to buy in. The crisis is also causing a hedging conundrum.
