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Extra costs for Turkish banks after Moody's downgrade

Moody's downgrade creates extra costs for Turkish banks

Extra costs for Turkish banks after Moody's downgrade
05 10 2016, 16:11

Yapi Kredi's -one of biggest Turkish banks- latest syndicated loan agreement signaled how much extra cost Turkish companies exposure for external financing after Moody's downgrade.

In accordance with public filing by the bank all-in cost for US dollar portion is Libor+110bps, for euro portion is Euribor +100bps.

Before Moody's downgrade Turkiye Is Bankasi -biggest private Turkish bank- got similar syndicated loan with all-in cost for US dollar portion Libor+85bps and for euro portion Euribor + 75bps.

That means extra 25bps cost for Turkish banks.

Yapi Kredi declared that it got 367 day- two portion syndicated loan -USD 233,50 million and EUR 817,25 million- with participation of 33 banks from 14 different countries

Moody’s had lowered Turkey’s sovereign rating one level to Ba1, the highest non-investment grade, citing rising risks due to its external financing needs and slowing economic growth. A cut at Moody’s leaves Fitch as the only company to maintain an investment grade for Turkey.

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