Clifford Chance

Clifford Chance advises on debut international issuance of US$750 million senior unsecured lease certificates involving Türkiye Varlik Fonu (Türkiye Sovereign Wealth Fund)

Global law firm Clifford Chance has advised the Joint Global Coordinators and the Joint Bookrunners on the debut international sukuk issuance by TVF Varlık Kiralama A.Ş. (the "Issuer") with TVF İFM Gayrimenkul İnşaat ve Yönetim A.Ş. ("TWF IFC") as obligor and Türkiye Varlik Fonu (Türkiye Sovereign Wealth Fund) ("TWF") as guarantor of TWF IFC's obligations under the transaction documents relating to the Sukuk.

TWF is the sovereign wealth fund of Türkiye. TWF IFC is a wholly-owned subsidiary of TWF and manages and operates the Istanbul Financial Center. The Issuer is an asset leasing company established by TWF under Turkish law for the purpose of issuing the Sukuk.

The debut 5-plus year Sukuk was priced at a profit rate of 6.95 per cent. and was more than four times oversubscribed (excl. Joint Bookrunners interest), attracting a range of local, regional and international investors.

Clifford Chance's team was led by partner and Global Head of Islamic Finance Qudeer Latif (Dubai) with support by partners Stuart Ure (Dubai) and Sait Eryılmaz (Istanbul), Nader Koudsi (Senior Associate, Dubai), Shauaib Mirza (Legal Consultant, Dubai), Ali Can Altıparmak (Senior Associate, Istanbul), Bilgesu Cakmak (Associate, Istanbul), Hafsah Akhtar (Trainee, Dubai) and Aykan Karpuzcu (Trainee, Istanbul).

Clifford Chance partner Bruce Kahl led the team advising the representative, BNY Mellon Corporate Trustee Services Limited, supported by Struan Murray (Senior Associate, London) and Micah McDonald (Associate, London).

The Global Coordinators comprised Emirates NBD Capital, J.P. Morgan, Standard Chartered Bank, and the Joint Bookrunners comprised Bank ABC, BBVA, BofA Securities, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, ING, J.P. Morgan, KFH Capital, Sharjah Islamic Bank, Société Générale Corporate & Investment Banking and Standard Chartered Bank.

Partner Qudeer Latif comments "We are delighted to have supported TWF in connection with its successful debut international sukuk issuance.This is a testament to both TWF and the growing maturity of the Turkish sukuk market as this is the first USD sukuk to be have been issued outside of the Sovereign and Participation Bank sector in Türkiye."

Consistently ranked Band 1 in legal directories, Clifford Chance was awarded 12 awards at the Bonds, Loans and Sukuk Awards 2024, 10 awards at the Islamic Finance News Awards 2023 and 8 awards at the IFLR Middle East Awards 2023.

Clifford Chance was also named Banking and Finance Law Firm of the Year at The Legal 500 MENA Awards 2024 and, UAE Banking & Finance Law Firm of the Year at the Chambers Middle East Awards 2024.