CEE & Turkey
CASE STUDY: IC Construction Group Lays Groundwork for IPO with Project Finance Facility
IC İçtaş Enerji Yatırım Holding A.Ş. was able to utilise its close relationship with banks to rapidly close one of Turkey’s largest project finance loans of the year. The size of the project and the acquisition of two new HEPPs from the privatisation authority also managed to attract a larger group of lenders to the transaction.
8 Mar 2017
CASE STUDY: Crescent Capital Cleans Up with Well-Structured Acquisition Finance Facility
Crescent Capital was able to secure a unique project finance facility within the Turkish markets with a mezzanine facility structured as a Murabaha commodity purchase tranche, achieving a long tenor, an uncommon feature in this market, and structured as a true non-recourse facility.
7 Mar 2017
CASE STUDY: İstanbul New Airport Lands €4.5bn Project Finance Loan
İGA Havalimanı İşletmesi A.Ş set out to secure up to €4.5bn in a bid to build Turkey’s largest mega-project, a new airport in Istanbul that is set to become the world’s largest once complete, and achieved its key objective of structuring the deal with lender-friendly terms.
6 Mar 2017
CASE STUDY: Galataport Secures €1.2bn to Finance Landmark Istanbul Development
Salıpazarı Liman İşletmeciliği ve Yatırımları A.Ş, a joint venture between BLG Gayrimenkul Yatırımları ve Ticaret A.Ş. and Doğuş Holding A.Ş, secured a 14-year €1.2bn project finance facility just one month after the Turkish coup attempt and without any guarantees from the Turkish government.
2 Mar 2017
Are Rate Hikes Enough to Stabilise the Lira?
Turkey’s Central Bank pressed on with a 50bp interest rate hike in November despite persistent criticism from President Recep Tayyip Erdogan, and held its benchmark one-week repo rate at 8% at the latest meeting in January – despite market expectations. Analysts believe the move won’t be enough to stem the currency’s decline, with further rate hikes expected – which could provoke further…
28 Feb 2017
CASE STUDY: YDA Pushes Tenors on Local Currency Trade
YDA raised four-year money – pushing average tenors in Turkey’s local currency market – just one week after the coup attempt and two days after S&P downgraded the country’s sovereign credit rating to junk.
27 Feb 2017
Infrastructure Outlook: From Small-Scale to Megaprojects, How Are Deals Getting Financed?
F. Mehmet Cosan, Chief Financial Officer and E. Murat Kosal, Managing Director of Otoyol talk to Bonds & Loans about new opportunities in Turkey’s infrastructure sector, and discuss the company’s structured funding programme for the Gebze-İzmir Motorway Project and the Osmangazi Suspension Bridge.
24 Feb 2017
Hospital PPPs Part of a Much Wider Success Story for Turkey
A number of hospital-focused public-private partnerships attest to the success of Turkey’s healthcare development programme over the last decade, and deals like this could set the stage for a resurgence in new projects for years to come.
23 Feb 2017
Pushing the Limits on Bond Pricing, Tenors, YDA sets New Benchmark for Turkey
YDA Group’s TRY250mn was a well-structured deal that set a new benchmark for size and tenors in the local currency bond market, a deal made even more impressive by the fact that it was executed during one of the country’s most volatile periods. We speak with Cumhur Bilen, CFO of YDA Group about the company's landmark bond transaction and the its bid to push the limits in the country’s capital…
16 Feb 2017
CASE STUDY: YDA Structures First Dual Islamic and Conventional PPP in Turkey for Konya Hospital
YDA managed to attract significant participation from international lenders on the first ever dual conventional and Islamic healthcare PPP in Turkey, a €265mn facility to help finance the construction of the Konya Hospital.
15 Feb 2017