Clifford Chance has advised the joint lead managers in respect of a US$2.75 billion six-year sovereign sukuk issued by Hazine Müsteşarlığı Varlık Kiralama Anonim Şirketi (the “Issuer”) with the Republic of Türkiye (the “Republic”) as obligor under Regulation S and Rule 144A of the Securities Act of 1933. The sukuk were listed on the London Stock Exchange’s International Securities Market.
The success of the issuance was evidenced by the strong response from investors resulting in an order book being more than two and a half times oversubscribed.
The Clifford Chance team advised the joint lead managers on all aspects of the issuance including the issuance documentation, Shari’a structure, execution of the transaction and English law, US Securities law and Turkish law matters.
Clifford Chance’s team comprised Qudeer Latif (Partner, Dubai), Johannes Juette (Partner, London), Sait Eryilmaz (Partner, Istanbul), Terrence Moloney (Counsel, Dubai), Nader Koudsi (Senior Associate, Dubai), Ali Can Altıparmak (Senior Associate, Istanbul), Shauaib Mirza (Legal Consultant, Dubai), Trey Oxendine (Law Clerk, London), Busra Altuntas (Associate, Istanbul) and Ali Gorji (Trainee Solicitor, Dubai).
Qudeer Latif commented: “It has been a privilege to advise the joint lead managers on the Republic of Türkiye‘s landmark sukuk issuance. The successful execution of a Regulation S and Rule 144A offering reflects the continued depth and sophistication of Türkiye’s access to the international capital markets and demonstrates strong investor demand for high-quality sovereign issuances. We are proud to have supported the Republic on this important milestone and to have contributed to another successful chapter in its international funding programme.”
Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, Mashreq and Standard Chartered Bank were the joint lead managers and joint bookrunners on the sukuk issuance.
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