Clifford Chance

Clifford Chance advises on Republic of Turkey's Third Sukuk

Leading international law firm Clifford Chance and the Yegin Cifti Attorney Partnership — the firm’s Istanbul arm — have advised the joint lead managers on the third international Rule 144A/Reg S Sukuk issuance by the Republic of Turkey: USD 1 billion 4.489 per cent lease certificates due 2024.

The Republic Sukuk is listed on the Irish Stock Exchange. It uses an ijara structure, which relies on a statutory framework allowing for asset-leasing certificates to be issued by a special-purpose company called an "asset-leasing company."

The deal, which represented the third-largest Sukuk issuance from Turkey following the debut sovereign Sukuk in 2012 and 2013, was nearly three-and-a-half times oversubscribed, with a total order book of USD 3.4 billion.

The Clifford Chance team was led by partner Debashis Dey, who was supported by Dubai associates Brian O’Leary and Eileen Kerr. Support on the US securities aspects of the transaction was provided by partners Robert Trefny and Christopher Walton, with assistance from associate Catherine Martinez.

Islamic structuring advice was provided by partner Qudeer Latif, supported by Dubai associate Shauaib Mirza. Clifford Chance Istanbul office, Yegin Ciftci Attorney Partnership, provided local Turkish law advice on the transaction through a team led by partner Mete Yegin and counsel Mufit Arapoglu, supported by associate Sait Eryilmaz.