Paksoy, working with Arnold & Porter, has advised the Republic of Turkey on its Rule 144A / RegulationS USD 3 billion issuance of lease certificates (Sukuk). The Ciftci Attorney Partnership and Clifford Chance have advised joint lead managers Citibank, the Dubai Islamic Bank, HSBC, and Kuwait Finance House.
The lease certificates are due in 2027 at 7.25%. According to Arnold & Porter, the lease certificates were “structured to comply with Shariah law.”
“This is the Republic of Turkey’s largest single Sukuk issuance to date, which attracted a total demand over three times the actual issue size,” Clifford Chance informed. “Over 200 investors attended the Sukuk issuance, with 66% operating in the Middle East, 12% in the US, 12% in the UK, 5% in other European countries, 4% in Turkey, and 1% in Asia.”
The Paksoy team was led by Partner Sera Somay and included Senior Associate Merve Kurdak and Associate Muhammed Tosun.
The Ciftci Attorney Partnership team was led by Partner Sait Eryilmaz and included Associates Ali Can Altiparmak and Zana Oztarhan.
The Clifford Chance team was led by Dubai-based Partner Qudeer Latif and included Counsel Ahmed Choudhry and Associate Salma Mowlid and London-based Partner John Connolly and Associates Rachel Sumption and Sydney Sawyier.
The Arnold & Porter team was led by Partners Christopher Peterson and Jeremy Willcocks and included Associates Brady Randall and Kardia Leung.