The issuance, structured under Regulation S and Rule 144A was priced at 7.498%. The net proceeds of the issuance of the Notes are intended to be used towards financing of certain eligible green and/or social projects in accordance with Akbank’s Sustainable Finance Framework. An external review of the Sustainable Finance Framework in the form of a second party opinion was provided by sustainability rating agency ISS Corporate Solutions, confirmingĀ the framework’s compliance with the ICMA Green Bond Principles 2021 (with appendix from June 2022).
Commenting on the deal, Corporate Partner, Megan Schellinger, who led the Baker McKenzie team, said: “We are pleased to have been able to support Akbank on this transaction which demonstrates the continuing strong performance of the Turkish capital markets. Our involvement is another example of the strength of our practice in the region and cross-border capabilities to advise on this type of work.”
Baker McKenzie’s involvement in this transaction follows its work advising Akbank’s inaugural Basel-III compliant Additional Tier-I (AT-1) issuance in March 2024.
