Published: May 8, 2013
Turkish lender taps 47 banks for euro- and dollar-denominated funding.
Turkey’s Garanti Bank has tapped the syndicated loan market for €1.1bn (US$1.4bn).
Garanti secured the funding from 47 banks from 20 countries. The one-year loan will be used for trade-finance purposes and comprises euro- and dollar-denominated tranches worth about €768.2mn and US$431.3mn.
The tranches are priced at Euribor+1% and Libor+1% respectively.