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Turkey’s Akbank has signed a $980m-equivalent syndicated loan, sending a wave of relief through the debt markets — though the borrower had to make significant concessions amid Turkey’s economic difficulties.
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The Middle East is expected to be the biggest driver of EMEA emerging market loan opportunities next year, while Russia will be a drag on volumes, according to a poll of industry professionals taken at the Loan Market Association’s annual conference in London on Tuesday.
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Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit.
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Luxury auto dealership China Zhengtong Auto Services is seeking an up to $150m three year loan, offering banks margin and fees that are identical to a borrowing sealed in January.
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The UAE’s Majid Al Futtaim has signed a $1bn revolving credit facility, ramping up the size of the revolver being replaced despite large scale backs to bank commitments.
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A subsidiary of Petropavlovsk has refinanced a $204m loan, with the Russia-focused gold mining company using the exercise to reduce its balance sheet exposure to the debt.