While I was trying to come up with some novel Turkish banking data for the Financial Econometrics class I am teaching this semester, a friend of mine in retail banking called up to ask where she could find data on syndicated lending to Turkish banks. I thought I could use the data for my class, so I took it to heart to helping my friend. Conversations with a couple of friends who analyze banks revealed that that data is not easily available, but I was halfway in my data-gathering efforts when I saw Erdal Saglam writing in Turkish business daily Referans on the same subject.
Normally, I am as naive as they come, but Erdal Saglam, whose interconnectivity is more than a CDS, and my banker friend on the same topic managed to raise even my eyebrows. So, a call to my friend and a couple of banking analysts confirmed what I suspected: Syndicated and securitized lending is likely to dry up for the rest of the year and in 2009. This, combined with the already hefty payments of banks in 2008 and 2009, means that banks are likely to continue to scramble for liquidity. In fact, I had mentioned in an earlier post that FX liquidity is getting tight in Turkish markets, and the fight for liquidity may have already begun: FX deposit rates have gone up to 7% from 5% in a matter of days.
As much as Erdal Saglam's article is right on target, it turns out that his numbers are not correct. Below are the actual numbers, courtesy of my retail banker friend, which I also confirmed with a couple of banking analysts.
Normally, I am as naive as they come, but Erdal Saglam, whose interconnectivity is more than a CDS, and my banker friend on the same topic managed to raise even my eyebrows. So, a call to my friend and a couple of banking analysts confirmed what I suspected: Syndicated and securitized lending is likely to dry up for the rest of the year and in 2009. This, combined with the already hefty payments of banks in 2008 and 2009, means that banks are likely to continue to scramble for liquidity. In fact, I had mentioned in an earlier post that FX liquidity is getting tight in Turkish markets, and the fight for liquidity may have already begun: FX deposit rates have gone up to 7% from 5% in a matter of days.
As much as Erdal Saglam's article is right on target, it turns out that his numbers are not correct. Below are the actual numbers, courtesy of my retail banker friend, which I also confirmed with a couple of banking analysts.
| Bank | year-month | Type | Size | Currency |
| Garanti | 8-Nov | Syndication | 700 | US$ |
| TEB | 8-Nov | Syndication | 240 | EUR |
| Finansbank | 8-Nov | Syndication | 479 | US$ |
| Finansbank | 8-Nov | Syndication | 425 | US$ |
| Akbank | 8-Dec | Syndication | 400 | US$ |
| Akbank | 8-Dec | Syndication | 550 | US$ |
| YKB | 8-Dec | Syndication | 700 | US$ |
| Vakifbank | 8-Dec | Syndication | 200 | US$ |
| Vakifbank | 8-Dec | Syndication | 375 | US$ |
| Alternatifbank | 8-Dec | Syndication | 113 | US$ |
| Akbank | 9-Jan | Syndication | 100 | US$ |
| Isbank | 9-Apr | Syndication | 900 | US$ |
| Garanti | 9-May | Syndication | 600 | EUR |
| Akbank | 9-Jun | Syndication | 500 | EUR |
| Garanti | 9-Jul | Securitization | 175 | US$ |
| Sekerbank | 9-Jul | Syndication | 250 | US$ |
| Vakifbank | 9-Jul | Syndication | 750 | US$ |
| Akbank | 9-Aug | Syndication | 1000 | US$ |
| Tekstilbank | 9-Aug | Syndication | 132 | US$ |
| YKB | 9-Sep | Syndication | 1000 | EUR |
| Isbank | 9-Sep | Syndication | 485 | US$ |
| Isbank | 9-Sep | Syndication | 236 | EUR |
| Vakifbank | 9-Dec | Syndication | 175 | US$ |
| Isbank | 10-May | Securitization | 700 | US$ |
| Tekstilbank | 10-Aug | Syndication | 25 | US$ |
| Tekstilbank | 10-Aug | Securitization | 87.5 | EUR |
| Garanti | 11-May | Securitization | 300 | EUR |
| Isbank | 11-Jun | Securitization | 250 | US$ |
| Isbank | 11-Nov | Securitization | 600 | US$ |
| Akbank | 12-Jun | Securitization | 550 | US$ |
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