Clifford Chance Advises Joint Bookrunners on Türk Telekom’s US$600 Million Green Notes Issuance and US$600 Million Sukuk Issuance, Marking the First Corporate Sukuk out of Türkiye

Clifford Chance has advised the joint bookrunners on two landmark capital markets transactions for Türk Telekomünikasyon A.Ş. (Türk Telekom), marking significant milestones for the Turkish market.

The firm advised J.P. Morgan, MUFG and ING Bank as joint bookrunners on Türk Telekom’s issuance of US$600 million Rule 144A/Reg S 6.950% Green Notes due October 2032. The proceeds from the Green Notes will be allocated to finance and/or refinance eligible green projects in line with Türk Telekom’s sustainable finance framework, supporting Türkiye’s transition towards a more sustainable future.

Clifford Chance also advised Dubai Islamic Bank, Emirates NBD Capital, HSBC and KFH Capital as joint bookrunners on Türk Telekom’s issuance of US$600 million lease certificates (sukuk) due 2030 through its wholly owned subsidiary TT Varlık Kiralama A.Ş. This transaction represented a first of its kind in two respects, adopting a novel Islamic structure never before used in Türkiye that utilises available capacity in Türk Telekom’s broadband network as assets, and marking the first cross-border sukuk issued by a Turkish corporate—a significant milestone for the Turkish capital markets.

Both transactions were led by Clifford Chance’s cross-border teams based in London, Istanbul, and Dubai. The Eurobond transaction team was led by partners Matt Fairclough, Johannes Juette, and Sait Eryılmaz, supported by legal consultant Brian O’Leary, senior associates Jeffery Hung and Ali Can Altıparmak, as well as Büşra Altuntaş, Natasha Sarna, and Tara Kade, and trainees Alper Eski and Işıl Acar.

The Sukuk transaction team was led by partners Qudeer Latif, Matt Fairclough, Johannes Juette, and Sait Eryılmaz, supported by legal consultants Brian O’Leary and Shauaib Mirza, senior associates Jeffery Hung and Ali Can Altıparmak, as well as Büşra Altuntaş, Natasha Sarna, and Tara Kade, and trainees Alper Eski, Işıl Acar and Daniel McCurley. Partner Bruce Kahl, associate Robert Hartman and trainee Callum Florance in London acted as representative counsel, advising Bank of New York Mellon.

These transactions underscore Clifford Chance’s market-leading expertise in advising on complex, cross-border capital markets transactions in Türkiye and the wider region, as well as in telecommunications more broadly.