Bankers say Turkey's Akbank seeks 1 bln euro loan
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Reuters
Oluşturulma Tarihi: Temmuz 03, 2008 17:44
Turkish Akbank is in talks with lenders to secure a 1 billion euro ($1.59 billion) syndicated loan, banking sources said. The one-year deal is expected to have pricing of 75 basis points (bps), a banker added, which would be higher than the 67.5 bps paid by Turkiye Garanti Bankasi for its 600 million euro, one-year loan in May.
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The banker said the increased pricing reflects the fact that the cost of funding for lenders is rising.
Akbank last tapped the loan market in November 2007, when it signed a 1 billion euro, one-year facility that paid 47.5 bps.
Akbank is 20 percent owned by Citigroup. It is rated 'BB-' by Standard and Poor's and 'B1' by Moody's.