IFR International - 03.11.2018

LOANS EMEA

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53M
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arrangers are BBVA and Banco Santander.
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business.

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mandated lead arranger while BNP Paribas

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UAE

DUBAI AEROSPACE SOUNDS MARKET

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DENOMINATEDûFOUR

YEARûREVOLVINGûCREDITû

New Turkish bank loans pull

down secondary pricing

„ SECONDARY Average price has dropped from 97.2% of face value in Sept to 96.7%

Loans signed by Turkish bank borrowers over the

last month are being quoted lower in Europe’s

secondary market than loans for the same

banks that were agreed in the spring of this year,

according to LPC data.

Several Turkish banks agree two syndicated

loans each year – one in spring and then in the

autumn. On September 27, AKBANK became the

first Turkish bank to sign a refinancing loan in

the second wave of deals after a delay caused by

fears over the Turkish economy. Political volatility,

a 40% drop in the value of the lira and Turkey’s

deteriorating relations with the US culminated

with a sovereign downgrade by Moody’s and

Fitch on August 17.

Following Akbank’s loan agreement, a handful

of other Turkish lenders have secured refinancing

loans, but these latest deals have pulled down

the average price for Turkish bank borrowers in

the secondary market.

The overall average price for Turkish FI deals

in the secondary market has dropped from

97.2% of face value on September 27, when

Akbank signed its loan, to 96.7% of face value on

October 29.

All the latest bank loans are being quoted

between 95%-96% of face value, while the first

round of Turkish refinancing signed between

March-May are quoted above 96% and are rising.

“The older loans are quoted higher I think

simply because it is a shorter time to maturity —

they are seen as less risky,” said one banker.

PAYING UP

When Akbank finally signed its loan at the end of

September it refinanced just the one year portion

of the 2017 loan with significantly increased

pricing. The new facility comprises US$285m

and €591m one-year tranches paying 275bp

over Libor and 265bp over Euribor, respectively –

compared with 135bp over Libor and 125bp over

Euribor for the 2017 deal.

The €591m tranche of Akbank’s new loan is

now quoted at 95.4% of face value.

A €275m tranche of a US$1.1bn equivalent

dual tranche loan for YAPI KREDI BANK, which

signed on October 30, is quoted at 95.4% of face

value.

TURK EKONOMI BANKASI’s €434m tranche – part

of a US$534.5m-equivalent loan that closed

on October 12 – is quoted at 95.5% of face

value, while a €605m tranche that forms part

of a US$968.8m loan for Isbank that signed on

October 19 is quoted at 95.9% of face value.

Loans signed in the first half of this year

have been climbing in the secondary market

after hitting a six year average low of 95.1% on

September 6.

VAKIFBANK’s €778m loan that matures in April

2019 has risen from 95.8% of face value on

October 1 to 96.8% on October 29, while ISBANK’s

€867m loan that matures in May 2019 has risen

from 95.49% to 96.54%.

Akbank’s €483m facility that matures next

March has risen from 95.2% to 95.4%, while

ZIRAAT BANK’s €797m facility has risen from

95.8% to 96.3%.

“Investors becoming more adverse to Turkish

risk might still buy into the older loans but not

the new loans even if the pricing is higher,” a

second banker said.

Sandrine Bradley