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Emerging Market Loans

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  • The Republic of Turkey has signed a Eu309m underwritten loan that will be used to finance the production of six submarines.
  • Turkish Coca-Cola bottler, Icecek, has appointed eight banks as mandated lead arrangers for a loan refinancing.
  • Cambodian mobile phone operator CamGSM has repaid a $421m facility used to finance its acquisition by Royal Group four months early, sparking hopes that more international lenders will commit money to projects in the country.
  • Indian state-owned lender Power Finance Corp has launched its second yen-denominated loan in less than six months, taking advantage of low yen interest rates — and expectations that the currency will weaken against the dollar when US rates start to rise.
  • Turkish financial institution, Akbank, is set to appoint a co-ordinator to refinance its $1.2bn one year deal signed in March 2010. It will be the first loan for a Turkish bank in 2011.
  • UAE telecoms company Etisalat has set an end of February deadline for due diligence on its acquisition of a 51% stake in Zain, the Kuwaiti mobile communications company. The previous deadline was January 15.