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King & Spalding Advises Kuveyt Turk on USD 500 Million Certificate Issuance

King & Spalding Advises Kuveyt Turk on USD 500 Million Certificate Issuance

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King & Spalding has advised Kuveyt Turk Katilim Bankasi A.S. ("Kuveyt Turk"), currently the largest Turkish participation bank, on the issuance of USD 500 million senior unsecured certificates due 2021.

The certificates are listed on the Irish Stock Exchange and issued through KT Kira Sertifikilari Varlik Kiralama A.S., the Turkish asset leasing company. The transaction was substantially oversubscribed and priced at 5.162%. The issuance attracted more than 115 international investors from the Gulf, Europe, and Asia, with investors from Gulf countries taking up 61% of the offering, European investors subscribing for 27%, and Asian investors taking 12%.

King & Spalding describes the deal as "the most successful international capital markets offering by a Turkish issuer in 2016."

The King & Spalding team advising Kuveyt Turk was led by Dubai-based Partner Rizwan H Kanji with assistance from Senior Associate Hamed Afzal (Dubai) and transaction specialist Gina Bunker (Washington D.C.).