Narrative
Full Description
Project narrative
In March 2010, Turkey's Akbank signed a syndicated loan divided into a EUR 584.5m (approximately 789,893,300 USD) tranche and a USD 437.5 million tranche with an interest rate based on a floating rate plus a margin of 100 basis points. Lenders consisted of 53 banks, with Bank of America Merrill Lynch, Bank of China, Citi, Commerzbank, Credit Agricole, Deutsche Bank, Nordbank, Intesa Sanpaolo, JP Morgan, Standard Chartered, UniCredit, Wells Fargo and WestLB joining as mandated lead arrangers. Standard Chartered co-ordinated the deal. The dual currency loan will have a tenor of one year.
Staff comments
1. Aiddata estimates the entire loan amount by adding up the two tranches. The first tranch was converted to USD using the March 2010 conversion rate of 1.3514. 2. Aiddata estimates the transaction amount assuming all 53 lenders contributed equally at 23,158,364.15 USDeach. 3. Aiddata estimates the interest rate by taking the 3-month USD LIBOR rate of approximately 0.3% in March 2010 and adding 1% margin (100 base points) to equal 1.3%.