Economics
Turkish Banks Need $6 Billion Refinancing Amid Economic Crisis
- Currency collapse may drive up cost of annual syndicated loans
- Loans will be test of Turkey’s ability to tap overseas debt
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Turkish banks may have to pay up once again as they rush to meet $6 billion of financing deadlines amid the country’s worst economic crisis in years.
At least nine lenders have to complete annual dollar loan syndications by year-end, leaving an industry heavily reliant on overseas funding little time and few options to conclude deals often involving dozens of global banks. Akbank Turk AS, Turkiye Is Bankasi AS and state-owned Export Credit Bank of Turkey are at the head of the queue, as they are yet to finalize deals that entered syndication in July, days before the nation’s crisis began.