The costs on the one-year tranche stood at Libor+2.75% and Euribor+2.65%, lower by 20bp compared to a syndicated loan signed last October. Also in April, Ziraat Bank's Islamic banking unit Ziraat Katilim obtained a $250mn, 367-day syndicated loan. The month also saw state-controlled Vakifbank obtain a 367-day $1.1bn syndicated loan. A $279.5mn tranche had a cost of Libor+2.50% and a €723.5mn tranche had a cost of Euribor+2.40%. In February, unnamed sources told Bloomberg that Turkey's sovereign wealth fund had hired Citigroup and Industrial Commercial Bank of China to act as coordinators in a €1bn syndicated loan deal.