Allen & Overy and Turkish affiliate Gedik & Eraksoy have advised the joint bookrunners on Turkiye Wealth Fund’s inaugural international bond offering, raising USD 500 million at 8.25% interest.
The Turkey Wealth Fund is a USD 33 billion sovereign wealth fund founded in August 2016 and owned by the Government of Turkey.
The Gedik & Eraksoy team included Partner Umut Gurgey, Senior Associate Dilsah Gurses Erulutekin, and Associate Melis Yilmaz Diler.
The Allen & Overy team was led by London-based Partner Jamie Durham.
Gedik & Eraksoy did not respond to our inquiry on the matter.
Editor's Note: After this article was published, Baker McKenzie announced it had advised the TWF on the offering. According to the firm, "despite a USD 500 million offering, the order book exceeded USD 7 billion, resulting in an oversubscription rate of over 14 times, the highest ever recorded in Turkey." The firm's team was led by London-based Partner Megan Schellinger.
