Loans signed by Turkish bank borrowers over the last month are being quoted lower in Europe's secondary market than loans for the same banks that were agreed in the spring of this year, according to LPC data. Several Turkish banks agree two syndicated loans each year - one in spring and then in the autumn. On September 27, akbank became the first Turkish bank to sign a refinancing loan in the second wave of deals after a delay caused by fears over the Turkish economy. Political volatility, a 40% drop in the value of the lira and Turkey's deteriorating relations with the US culminated with a sovereign downgrade by Moody's and Fitch on August 17.
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