Paksoy served as local counsel to the Turkish Treasury on its issuance of USD 1 billion lease certificates due 2021 in July 2016. Arnold & Porter LLP acted as international counsel to the Turkish Treasury. Joint Lead Managers were Emirates NBD P.J.S.C., HSBC Bank PLC, and Standard Chartered PLC.
The issuance is the fourth sharia compliant bond issuance made by the Turkish Treasury in foreign markets after the issuance made in 2012, 2013 and 2014 and bears a profit rate of 4.251%, or 290 basis points over mid-swaps.
Paksoy reports that the Sukuk attracted strong demand from investors and was more than four times oversubscribed.
Paksoy’s Islamic Finance team was led by Partner Sera Somay, assisted by Associates Pinar Tuzun and Soner Dagli.
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