DenizBank secured a syndicated loan of 780 million dollars with 115 percent renewal rate from 42 banks belonging to 20 countries.
According to DenizBank’s statement, 9 international banks took part in the transaction, where Mizuho Bank was the intermediary bank, where Bank of America, Emirates NBD Capital and MashreqBank served as the coordinator.
The dollar cost of the 367-day loan was Libor + 2.50 percent, and the cost of the euro was Euribor + 2.25 percent.
DenizBank General Manager Hakan Ateş, whose opinions were given in the statement, pointed out that they were the bank that increased the amount of syndicated loans the most in the second half of the year with its high renewal rate and said:
“We signed the largest fresh financing provided by a Turkish bank in 2019. In this period, when financial stability and fresh foreign resource inflow to our country are very important, the sector’s debt rollover average was around 90 percent, while 115 percent renewal rate was again the highest among the second-semester transactions. The contribution we will provide to the economy with this loan, which will be used in the financing of foreign trade transactions of our customers, especially in tourism, shipping, export-oriented industry and agriculture, will be very proud not only for our bank but also for the banking sector. securitization and ensuring new external resources with qualified products as covered bond, we will continue to support Turkey’s future. “
Significant support from DenizBank to the economy during the epidemic process
According to the statement, DenizBank continues with additional loans from abroad, which it contributes to the economy during the period when the coronavirus epidemic was effective on a global scale. In 2020, the Bank provided a total of $ 250 million from European Bank for Reconstruction and Development (EBRD), the World Bank and similar investment and development institutions, with terms varying between two and six years.
Most of the resource is used by municipalities and businesses in the agricultural sector to help combat the economic effects of the coronavirus epidemic. The other part is directed towards financing micro and small enterprises interested in agriculture in rural areas and financing energy efficiency projects.