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Clifford Chance advises the Development and Investment Bank of Türkiye on its debut sustainable Eurobond issuance

11 October 2022

Clifford Chance advises the Development and Investment Bank of Türkiye on its debut sustainable Eurobond issuance

Clifford Chance has advised the Development and Investment Bank of Türkiye (Türkiye Kalkınma ve Yatırım Bankası (TKYB)) on its €100 million sustainable bond issuance with Agence Française de Developpement (AFD). In addition to being TKYB's first sustainable bond issuance, the issuance also marks the first sustainable cross-border bond issuance by a Turkish issuer under Türkiye's Capital Markets Board's Green and Sustainable Debt Instruments Guide.

At least 75 per cent. of the funds obtained through the issuance will be allocated to financing green projects in Türkiye, with the remainder to be used for social/sustainability projects, in line with TKYB's Sustainable Finance Framework.

Clifford Chance has advised TKYB as the issuer on the transaction. The team included Istanbul Partner Sait Eryılmaz, Paris Partner Cédric Burford, Counsel Auriane Bijon, associates Pelinsu Demircan and Baya Hariche.