Türk Eximbank secures 500 mln euros of syndicated loans

ISTANBUL - Reuters

Türk Eximbank has signed syndicated loans worth 500 million euros with the participation of 26 banks, it announced in a written statement on July 21. 

Türk Eximbank, the official export credit agency of the Turkish government and Turkey’s major export incentive instrument, thus refinanced transactions worth 330 million euros that were due on July 16, the statement added. 

The volume of the bank’s syndicated loan usage has exceeded 1 billion euros this year. The same figure was around 630 million euros last year. 

The two-year tranche will have a margin of 120 base points (bp) over Euribor/libor, while the one-year tranche will have a margin of 70bp. The transactions were undertaken under the coordination of Mizuho Bank Ltd, according to the statement.