Bookrunners ABN Amro, Calyon and Natexis Banques Populaires have been jointly mandated to arrange and underwrite a US$150mn loan for Turkey’s Oyak Bank. The loan is for general trade finance and will be on lent to Oyak Bank clients within the republic.
The term loan facility has a two-year tenor with pricing rumoured to be around 80bp over Libor, all-in.
Oyak Bank has been developing a strong track record in the loan market, with a US$100mn three-year borrowing signed in December 2005 the previous major foray.
That loan carried a margin of 85bp over Libor with fees for a US$10mn ticket at 60bp.
Calyon, Commerz, SG CIB and Citigroup were the mandated lead advisers on that deal.
The bank is a subsidiary of Oyak Group, one of Turkey’s largest industrial and financial conglomerates.
“Oyak Bank’s local knowledge garnered through its diverse portfolio of clients, as well as its policy of transparency make it one of the strongest credits in the Turkish market,” says Mike Constant, head of EMEA distribution for MLA Natexis, who has been a regular arranger for Oyak Bank loans since 1997.