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Clifford Chance advises on Republic of Turkey's USD 3 billion Sukuk issuance

25 February 2022

Clifford Chance advises on Republic of Turkey's USD 3 billion Sukuk issuance

Offering represents Turkey's largest single Sukuk issuance to date.

Clifford Chance has advised Citibank, Dubai Islamic Bank, HSBC and Kuwait Finance House as joint lead managers in connection with the Rule 144A/Reg S offering by the Republic of Turkey of US$3 billion Sukuk (lease certificates) due 2027 at 7.25 per cent. 

This is Republic of Turkey's largest single Sukuk issuance to date, which attracted a total demand of over three times of the actual issue size. Over 200 investors attended the Sukuk issuance, with 66% operating in the Middle East, 12% in the US, 12% in the UK, 5% in other European countries, 4% in Turkey, and 1% in Asia.

The Clifford Chance team was led by Dubai partner Qudeer Latif with support from counsel Ahmed Choudhry and associate Salma Mowlid. US Securities advice was provided by London partner John Connolly, supported by associates Rachel Sumption and Sydney Sawyier; and Turkish law advice was provided by Istanbul partner Sait Eryılmaz and supported by associates Ali Can Altıparmak and Zana Öztarhan.