Allen & Overy and Gedik & Eraksoy have advised Standard Chartered Bank and Bank of America as arrangers of an ESG-linked syndicated loan facility for Turkey’s Garanti BBVA.
The facility contains a sustainability-linked margin ratchet that adjusts according to Garanti BBVA’s performance against a number of environmental and sustainability performance indicators. This is the first such ESG-linked loan in Turkey and, according to Allen & Overy, it "is believed to be the first in the world to be made available to a bank."
“The strong appetite among lenders saw 28 of them across 13 countries join the facility and is testament to the growing importance of sustainability in the financial markets; a trend we expect to continue, both in Turkey and globally," said Adam Fadian, Counsel at Allen & Overy.
Allen & Overy's team included Partner Joe Clinton, Counsel Adam Fadian, Associate Edward Charlton-Jones, and Candidate Attorney Marco Zacchino.
Gedik & Eraksoy's team included Partner Hakki Gedik, Associate Dilsah Gurses, and Junior Associate Burak Ozsoy.