Several trade financings have moved forward with mandates, launches and closure (MEED 5:4:96). London banking sources say about $500 million worth of Turkish loans are in the market or approaching syndication.
Demirbank has mandated Bankers Trust and ING Bank for a $60 million loan, expected to start general syndication in the week ending 19 April once interest rates have been finalised.
Syndication started on 29 March of a $50 million facility mandated by Turk Ekonomi Bankasi to Bank of America and Dai-Ichi Kangyo. This facility carries a very fine base margin of around 60 basis points over the London interbank offered rate (Libor), and an all-in cost of about 85 basis points, Istanbul banking sources say.
General syndication is expected in mid-April of a $200 million, two-year deal mandated by state Halk Bankasi to Sumitomo Bank, Fuji Bank, Bankers Trust, Citibank, Sabanci and Halk Bankasi’s subsidiary, Demirhalk. Jointly underwritten by the arrangers, the financing carries interest at 75 basis points over Libor, with fees of 35 basis points for co-arrangers with $10 million commitments.
State Vakiflar Bankasi is considering mandate bids for a facility of about $100 million, and Iktisat Bankasi is also planning to enter the markets Syndication has closed for a possible mid-April signing of a $30 million, oversubscribed deal for Emlak Bankasi, which may be increased.