Clifford Chance has advised the Joint Global Coordinators and Joint Lead Managers on the successful US$500 million tap issuance by Türkiye Petrolleri A.O. Anonim Ortaklığı (“TPAO”) under its US$4 billion lease certificate issuance programme.
The tap issuance follows TPAO’s inaugural US$1 billion sukuk issuance completed earlier this year and further demonstrates continued investor confidence in TPAO and the Turkish corporate sukuk market. The transaction builds on the success of the programme established by TPAO, the Turkish state-owned oil and gas company, and represents a further milestone in the development of Türkiye’s international Islamic finance market.
The cross-border team advising the Joint Global Coordinators and Joint Lead Managers comprised lawyers from Clifford Chance’s Dubai and Istanbul offices and was led by partners Stuart Ure and Sait Eryılmaz. They were supported by legal consultant Brian O’Leary, senior associate Ali Can Altıparmak, alongside associates Büşra Altuntaş and Saby Mahmud .
Clifford Chance previously advised the Joint Global Coordinators and Joint Lead Managers on the establishment of TPAO’s US$4 billion lease certificate issuance programme and its inaugural US$1 billion sukuk issuance.
The firm continues to advise on many of the most significant Islamic finance transactions across the Middle East, Türkiye and other key international markets.
