Loans

3/28/2018

Akbank Takes Out $1.2 Billion of Syndication Loan

Akbank General Director Binbaşgil: "We are proud to conduct the transactions that reveal the increasing interest of foreigners in the Turkish banking industry. The demand we have collected has reached $1.5 billion, surpassing 130 percent of the amount that we aimed."

Akbank has announced that it provided $1.2 billion of syndication loans. According to this, Akbank revised the $1.1 billion part that has fallen due out of the syndication loan that it took out in March 2017 as $1.2 billion. The bank has set a historical record by collecting $1.5 billion of demand from foreign banks despite lowering the pricing compared to the loan that it took out last year. The same day, Akbank has also taken out securitizationloans of $800 million.

Akbank General Director Hakan Binbaşgil

Binbaşgil noted that they once more attracted great attention of investors in international markets with syndication and securitization loans. 

"We are proud to conduct the transactions that reveal the increasing interest of foreigners in the Turkish banking industry. New banks have participated in our syndication this year. Although we reduced the loan price by 15 basis points, the demand that we have collected has reached $1.5 billion, surpassing 130 percent of the amount that we aimed. However, thanks to our powerful balance and high liquidity, we have used $1.2 billion of this amount with 1-year maturity period for $950 million and 2-year maturity period for $1.2 billion. We have also completed a securitization transaction of $800 million with a approximately 6-year maturity. 

Underlining that Akbank has obtained $2.4 billion of foreign funding by capital-equivalent bond issue, syndication and securitization loans from the beginning of the year for the breakthroughs in the real sector and economy, Binbaşgil said: "A proof of the reputation of Akbank for investors, such transactions are also important for indicating the confidence in our country and the increasing foreign interest. We continue to support the economy and the real sector by providing foreign funding on reasonable terms with our strong financial structure and resources."