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Syndicated loan 

  • Since 1993, Akbank has completed 50 syndicated loan deals, including April 2021 transaction.
  • Since 1997 to date, Akbank has concluded syndicated loan deals each year with top tier US, European, UK and Asian banks.
  • Akbank sets the benchmark price for the Turkish syndication market.
  • In total, Akbank provided c. USD 39 billion of financing through its syndicated loans to Turkish real sector.
  • Currently, Akbank has two outstanding syndicated loans: 
    • Akbank signed a 700 million equivalent of syndicated loan agreement in October in 19 October 2021. The 367 day term facility comprised of two separate tranches: USD 406 million and EUR 206.8 million with all-in pricing being Libor+2.15% p.a. for US Dollars and Euribor+1.75% p.a. for Euros. These all-in pricings indicate a 35 bps and 50 bps improvement/decrease in USD and Euro tranches respectively compared to the bank’s October 2020 deal at a challenging outlook marked by global markets volatility. And the participation of 36 banks from 20 countries reinforced the trust to the Akbank in the international markets, and as of the transaction date, Akbank has become the first and only Turkish bank to link both of its syndication transactions in 2021 to sustainability criteria.
      The deal attracted the participation of 7 new banks from 5 countries (UAE, Qatar, Kuwait, India, Switzerland) which were not involved in last year’s October transaction. Akbank has added 3 sustainability (ESG) performance criteria – gender balance, non-lending to greenfield coal power plant projects, and the electricity sourcing of our bank from renewable resources - to its syndication. If these performance criteria are met during the specified test periods, there will be an improvement in the terms of our syndicated loan. The proceeds of the loan will be utilized for Akbank’s trade finance purposes.
    • Akbank signed a USD 675 million equivalent of syndicated loan agreement in April 9, 2021. The 367 day term facility comprised of two separate tranches: USD 344.5 million and EUR 279 million. The cost of the syndicated loan was Libor + 2.50% and Euribor + 2.25%. The April 2021 syndicated loan facility garnered strong appetite from 35 banks across 18 countries despite heightened macro and geopolitical risks, reaching a roll-over ratio of 107%. The deal attracted the participation of 8 new banks from the US, Europe, Middle East and Asia which were not involved in last year’s April transaction. The agreement also marked the inaugural ESG linked syndicated loan facility of the bank. Akbank has added 3 sustainability (ESG) performance criteria – gender balance, non-lending to greenfield coal power plant projects, and the electricity sourcing of our bank from renewable resources - to its syndication. If these performance criteria are met during the specified test periods, there will be an improvement in the terms of our syndicated loan. The proceeds of the loan will be utilized for Akbank’s trade finance purposes.
Syndicated Loan - Investor Breakdown*
 

* Shows investor breakdown of outstanding syndicated loan facilities. Calculated according to initial allocation.

 
 
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