Turkey’s Garanti Bank has tapped the international syndication market for a multi-currency, dual-tranche €1bn credit facility.

The one-year loan is split into US$304.5mn and €782.5mn tranches and is priced at 110 basis points over Libor.

The money will be used to finance foreign trade.

A total of 42 banks from 19 countries signed up to the deal, which closed on May 10.

GTR can reveal that Standard Chartered, Deutsche Bank, Goldman Sachs, JP Morgan and Intesa Sanpaolo were senior mandated lead arrangers on the deal.

Bank of America Securities, Bank of New York Mellon, Bank of Nova Scotia, BTMY, Barclays, BBVA, BNP Paribas, Citi, Commerzbank, Crédit Agricole, ING, Lloyds TSB, NBAD, Rabobank, Société Générale, SMBC, Wells Fargo and WestLB also joined as mandated lead arrangers.

“Garanti Bank has become a reliable business partner in international markets while Turkey has become a rising star following the global financial crisis,” says Ergun Özen, chief executive officer of the bank.

Turkey is on the radar for international banks, as the signing of this loan follows soon after Turkey’s Yapi Kredi signed the country’s largest syndicated loan with a US$1.45bn dual-currency transaction.

Yapi’s loan was for the same tenor and pricing as Garanti’s.