Lenders Yapı Kredi, Garanti BBVA secure syndicated loans

ISTANBUL

Turkish private lenders Yapı Kredi and Garanti BBVA have signed deals for syndicated loans.

Yapı Kredi inked a social syndicated loan deal which consists of two tranches worth $201.5 million and 353.4 million euros, which in total makes around $580 million with 367 days maturity, the bank said in a filing with Borsa Istanbul.

“Our syndicated loan deal that is going to be used for the financing of international trade consists of participants from 21 countries and 35 financial institutions,” the statement added.

The total cost of the deal for the U.S. dollar and the euro tranches is SOFR plus 4.25 percent and Euribor plus 4 percent, respectively.

Yapı Kredi was the fourth largest private bank in Türkiye with total assets worth $65 billion as of the end of March, according to an investor presentation on the lender’s website.

Garanti BBVA announced that it signed a syndicated loan agreement with 367 days maturity in the amount of $199 million and 218.5 million euros comprising two separate tranches. The loan, which will be used for trade finance purposes, has been executed with commitments received from 26 financial institutions from 13 countries, the lender said in a filing with Borsa Istanbul.

“The all-in cost for the U.S. dollar and euro tranches have been realized as SOFR plus 4.25 percent and Euribor plus 4 percent, respectively,” it said.