Turkey’s Denizbank obtains syndicated murabaha loan

By bne IntelIiNews September 25, 2023

Denizbank, a unit of Emirates NBD, has obtained a 367-day syndicated murabaha loan in tranches of $230mn and €50mn, according to a filing by the bank.

The bank has not provided any further details on the facility.

In line with local peers, Denizbank, the ninth largest bank in Turkey with Turkish lira (TRY) 746bn ($27bn) of assets at end-June, has a B-/Negative (one notch below Turkey’s sovereign rating and six notches below investment grade) from Fitch Ratings and a B3/Stable (six notches below investment grade in line with Turkey’s sovereign rating) from Moody’s Investors Service.

On September 8, Fitch updated Turkey’s sovereign outlook to stable. Updates for corporate outlooks will follow soon.

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