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TWF successfully completes €1.1 billion syndicated loan without Treasury guarantee

25 March 2025
On March 14, 2025, Türkiye Wealth Fund (TWF) successfully secured a syndicated loan of €837 million and $285 million, with a two-year maturity, for the first time without a Treasury guarantee. The transaction, involving 20 banks from 12 countries, reaffirmed international confidence in Türkiye’s economy.

With this deal, the Treasury guarantee structure previously included in the Fund’s syndicated loans is removed. As a result, TWF now conducts all its financing transactions without collateral or treasury guarantees. The total cost of the loan was set at an annual Euribor +2% for the euro tranche and an annual SOFR +2.25% for the U.S. dollar tranche.

As a response to the strong investor demand which is more than twice of the 2023 syndication amount, TWF added a U.S. dollar tranche to this year’s syndicated loan for the first time. Similar to the loans obtained in 2019, 2021 and 2023, the transaction was structured with a two-year maturity, and reached a total of €1.1 billion across two tranches. The new loan achieved a 139% rollover rate compared to the maturing 2023 facility.

TWF’s Eurobond issuance in February 2024 and Sukuk transaction in October 2024 also attracted significant interest from international investors. This latest syndicated loan further reinforced global financial institutions’ confidence in TWF. Additionally, the number of participating banks increased with 11 new banks from 4 different countries, bringing the total to 20.

For this key transaction, ICBC Turkey Yatırım Menkul Değerler A.Ş., Emirates NBD Capital Limited, and First Abu Dhabi Bank PJSC served as coordinators and lead bookrunners, while Emirates NBD Bank PJSC undertook on the roles of documentation and facility agent.


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