Joint arrangers ABN Amro Bank., Alpha Bank, American Express Bank, Bank of Nova Scotia, Bank of Tokyo Mitsubishi, Banque Saudi Fransi, Citibank, Commerzbank Securities (joint bookrunner), Credit Agricole Indosuez, Deutsche Bank London, Dresdner Kleinwort Wasserstein (acting through Dresdner Bank Luxembourg), Gulf Bank, HSH Nordbank, Natexis Banques Populaires (joint bookrunner), Saudi National Commercial Bank, Standard Chartered (joint bookrunner), Sumitomo Mitsui Banking Corp Europe (facility agent), UFJ Bank (documentation), Wachovia Bank, and WestLB London (coordinating arranger and joint bookrunner) have launched a US$300mn one-year syndicated bullet term loan facility for Turkey’s Akbank. This is a refinancing of Akbank’s US$450mn 364-day pre-export finance facility signed in September 2002 and repaid earlier this year.

The margin is 65bp per year.

Fees are as follows: For co-arrangers, 90bp for US$10mn; senior lead managers, 85bp for US$7.5mn; lead managers, 75bp for US$5mn; managers, 80bp for US$2.5mn.