Istanbul Airport Dreamers Set to Land Record Turkish Loan - Bloomberg:
"The builders of Istanbul’s third airport, intended to be among the world’s busiest by 2020, are reducing the number of banks in talks to fund the project and may have Turkey’s biggest corporate loan in place next month.
Three state-run banks including TC Ziraat Bankasi AS and Turkiye Halk Bankasi AS (HALKB), and another three private lenders are close to agreeing to provide about 4.5 billion euros ($5.5 billion) for the project’s first phase, according to four people familiar with the situation. As many as 10 banks were being considered earlier this year, Hakan Ates, chief executive officer of Denizbank AS (DENIZ), among the current group of financiers, said on June 17.
A loan that size would surpass the $4.75 billion Ojer Telekomunikasyon AS arranged in May last year, the record for a Turkish company. The involvement of state banks may signify the importance of the project to President Recep Tayyip Erdogan, who wants Istanbul to develop into a major regional transportation hub, which would help the national carrier compete with long-haul rivals from the Middle East and Europe."
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