A $300 million, one-year syndicated loan for the leading private sector bank, Turkiye Is Bankasi, was due to be signed on 29 August. The facility, which will be used to finance exports, was increased from an original $250 million due to heavy demand, bank officials say.

The loan carries an interest margin of 60 basis points over Libor. Joint arrangers are: Bank of Tokyo-Mitsubishi, Chase Manhattan, Commerzbank, Dai-Ichi Kangyo Bank, Fuji Bank, Royal Bank of Canada (Europe), The Sanwa Bank, Bank of America, Citibank, Deutsche Bank, Dresdner Bank Luxembourg, NatWest Capital Markets, Nations Bank Capital Markets International and Sumitomo Bank.