TÜRK BANKACILIK SEKTÖRÜ TARAFINDAN ALINAN SENDİKASYON KREDİLERİNDE SPREADİ BELİRLEYEN FAKTÖRLER

Year 2016, Volume: 66 Issue: 2, 113 - 158, 01.12.2016

Fatih Pişkin

Abstract

Sendikasyon kredilerinde uygulanan faiz oranı iki bölümden oluşmak-
tadır. Birinci bölüm, baz olarak alınan, Libor ya da Euribor gibi uluslara-
rası kabul görmüş değişken bir faiz oranı iken, ikinci bölüm bu baz oranı-
nın üzerine eklenen ve uluslararası literatürde spread olarak adlandırılan
sabit bir faiz oranıdır. Bu çalışmanın amacı Türkiye’de faaliyet gösteren
bankalar tarafından 2003-2012 yılları arasında alınmış olan sendikasyon
kredilerinde, spreadin belirlenmesinde etkisi olan değişkenlerin neler ol-
duğunun tespit edilmesidir. Spread üzerinde belirleyici olduğu düşünülen
değişkenler beş ayrı grupta ele alınmıştır: küresel, makroekonomik, borçlu,
sözleşme ve sendikasyon grubu değişkenleri. Elde edilen sonuçlar küre-
sel finansal koşullardaki değişimlerin spreadi belirlemede etkili olduğu-
nu; çoğunlukla yabancı bankalardan oluşan borç verenlerin, sendikasyon
kredilerinin Türk bankacılık sektörü ve Türkiye’nin yurtdışı borçlanması
içerisindeki payının oldukça sınırlı olmasına rağmen, fiyatlamada makro-
ekonomik koşulları da dikkate aldıklarını göstermektedir. Ayrıca, borçluya
ait özelliklerin de spread üzerinde etkili olduğu, kredi özelindeki sözleşme
koşullarının ve sendikasyon grubunun yapısına dair değişkenlerin ise belir-
leyici olmadıkları sonucuna varılmıştır. 

Keywords

spread, sendikasyon kredileri, kredi fiyatlaması, bankalar

DETERMINANTS OF SPREAD ON SYNDICATED LOANS TO THE TURKISH BANKING SECTOR

Abstract

The interest rate charged on a syndicated loan consists of two parts: a
floating base rate, which is usually an internationally recognized benchmark
rate such as Libor or Euribor and a fixed interest rate spread over the base
rate. The aim of this study is to analyze the determinants of spread on the
syndicated loans granted between 2003 and 2012 to the banks operating
in Turkey. The variables that are thought to be effective are investigated  in five groups: global, macroeconomic, barrower, loan and syndicate
variables. The results show that changes in the global financial conditions
have a significant impact on the spread and lenders that mostly consist of
foreign banks, take macroeconomic factors into consideration when they
determine the spread, even though the share of syndicated loans in Turkish
banking sector and Turkey’s total foreign debt is very low. It is also found
that while barrower characteristics have a significant effect on spread, loan
specific factors and the structure of the syndicate are insignificant.

 

Keywords

spread, syndicated loans, loan pricing, banks

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