1 October 2012
Clifford Chance advises on first of its kind US$1.5 billion lease certificates issuance by the Republic of Turkey
Clifford Chance advised the joint lead managers, Citigroup Global Markets Limited, HSBC Bank plc. and Liquidity Management House for Investment Company K.S.C.C. in relation to a lease certificate issuance by Hazine Müsteşarliği Varlik Kiralama anonim şirketi (the "Issuer") on 26 September 2012 of Irish Stock Exchange-listed U.S.$1,500,000,000 2.803 per cent. lease certificates due 2018.
The issue of the lease certificates is based on a sale to the Issuer and lease back by the Republic of Turkey of certain real estate assets and is the first ever issuance compliant with Article 7/A of Law Number 4749 (the "New Law") entered into by the Republic of Turkey.
Clifford Chance's lead partner on this transaction, Qudeer Latif, comments "Clifford Chance is proud to have advised the joint lead managers and supported the Republic of Turkey on this landmark lease certificate issuance. Our market leading alternative funding practice and capital markets practice in Dubai together with our leading Turkish law practice in Istanbul provided innovative solutions for our clients which addressed the complex issues arising in this transaction being the first ever issuance compliant with principles of the New Law by the Republic of Turkey."
"Alternative funding structures are no longer limited to Middle East markets. We have advised investors and issuers across the world including in Malaysia, Singapore, and throughout Europe" noted Debashis Dey, Head of Capital Markets Middle East.
Clifford Chance advised on the transaction from its offices in Dubai, Istanbul and London. The transaction was led and co-ordinated by Dubai based Partners Qudeer Latif (Global Head of Alternative Funding) and Debashis Dey (Head of Capital Markets Middle East) and included Dubai based Robin Balmer (Senior Associate), Peter Wielgosz (Senior Associate), Lauren Djedid (Associate) and Pavandeep Gill (Associate). The Clifford Chance team in Istanbul was led by Mete Yegin (Partner) and included Mufit Arapoglu (Senior Associate), Erkan Ayaz (Associate) and Sait Eryilmaz (Associate). The Clifford Chance team in London provided US Securities Advice and was led by Partners Christopher J. Walton and Robert Trefny and also included Annie Guerard-Langlois (Associate - London) and Erin S Levin (Associate - London).
In addition, Clifford Chance in London acted on behalf of the Representative, Citibank N.A., London Branch and the team was led by Claudio Medeossi (Counsel) and included Paul Regan (Senior Associate).
Somay Hukuk Bürosu and Arnold & Porter LLP acted on behalf of the Republic of Turkey.