TVF completed the syndication loan process worth 1.1 billion euros without a Treasury guarantee.

Foreks - The Turkey Wealth Fund (TVF) successfully completed its first syndication loan agreement without a Treasury guarantee on March 14, 2025, involving 20 banks from 12 countries for a total of €837 million and $285 million, with a two-year maturity. According to the announcement from TVF, this transaction reaffirmed international confidence in our country's economy. The previous structure that included a Treasury guarantee for syndication loans has been eliminated, allowing TVF to conduct all financing activities without collateral or Treasury guarantees. The total costs of the syndication loan were set at an annual Euribor +2% for the euro tranche and an annual SOFR +2.25% for the dollar tranche.

The announcement stated that the loan transaction received significant interest from investors, with demand exceeding twice the borrowing amount for 2023. In response to this increased interest, a dollar tranche was included in this year's syndication loan for the first time. Structured with a two-year maturity, similar to loans obtained in 2019, 2021, and 2023, the transaction reached a total of €1.1 billion across two tranches. The new funding secured by TVF represented a 139% renewal rate compared to the maturing syndication loan from 2023. TVF's Eurobond issuance in February 2024 and Sukuk transaction in October also garnered substantial interest from international investors, further confirming the trust of global financial institutions in TVF. The number of participating banks increased to 20 with the inclusion of 11 new banks from four additional countries. In this significant financing process, ICBC Turkey (IS:ICBCT) Investment Securities Inc., Emirates NBD Capital Limited, and First Abu Dhabi Bank PJSC served as coordinators and lead bookrunners, while Emirates NBD Bank PJSC took on documentation and credit representation roles.