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{”headline” : “Turkey’s IsBank Leads Lenders in Seeki

Turkiye Is Bankasi (ISCTR), Akbank TAS (AKBNK) and Turk Ekonomi Bankasi AS (TEBNK) are seeking lower rates on their one- year loans following an upgrade by Moody’s Investors Service.

Turkiye Is Bankasi (ISATR), known as Isbank, may pay interest at 135 basis points more than benchmark rates to refinance a $1.2 billion term portion maturing in September, according to data compiled by Bloomberg. That’s 10 basis points less than on a one-year, 928 million-euro ($1.1 billion) deal signed in May, Bloomberg data show. Akbank and Turk Ekonomi Bankasi, known as TEB, originally sought to pay 145 basis points more then benchmark rates on loans currently in syndication and have now cut that to 135 basis points, the data show.

Moody’s on July 4 raised the foreign-currency debt grades of Istanbul-based Isbank, Akbank, Turkiye Garanti Bankasi AS (GARAN), Yapi & Kredi Bankasi AS and Ankara-based Turkiye Vakiflar Bankasi AS two levels to an investment-grade rating of Baa2.

The increase by Moody’s in Turkey’s sovereign rating to one step below investment grade on June 20, had “credit positive effects on ratings of various banks,” Moody’s analysts Arif Bekiroglu and Carola Schuler said in a statement at the time.

Spokeswomen for Isbank and TEB, and a spokesman for Akbank, who all asked not to be named due to company policy, didn’t immediately respond. A basis point is 0.01 percentage point.

To contact the reporter on this story: Louise Meeson in London at lmeeson@bloomberg.net.

To contact the editor responsible for this story: Faris Khan at Fkhan33@bloomberg.net.

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