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Banks must roll over or die

Turkish banks will have to roll over $6 billion in syndicated debt this year. Though first-tier banks will be able to roll over, albeit at higher interest rates, life will not be so easy for medium-sized and smaller banks.

Turkish banks will have to roll over $6 billion in syndicated debt this year, according to a Turkish treasury document made available to Euromoney.

The market consensus is that first-tier banks, such as Akbank, Garanti, Is Bank and Yap¦ Kredi, will be able to roll over, albeit at higher interest rates, but life will not be so easy for medium-size and smaller banks.

Foreign loans of top-tier Turkish banks
Bank Amount Maturity date (2001)
Garanti 350 March
  400 July
  225 October
IS 500 August
  275 December
Akbank 400 June
  350 October
YKB 450 July
  300 September
Source: Turkish treasury

"We have drawn up a list of banks and companies we believe will survive the crisis and we will do business just with them," says a western banker whose institution is one of the top five lenders to Turkey. "We will not lend to others and neither, I believe, will any of our peers.

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