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NRF, Somay, and Clifford Chance Advise on Albaraka Turk Sukuk Issuance

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Norton Rose Fulbright has advised Albaraka Turk Katilim Bankasi on its issuance of USD 350 million certificates due 2019.

The Sukuk, while backed by the credit of Albaraka Turk as obligor, was issued by Bereket Varlik Kiralama an asset leasing corporation established in Turkey pursuant to the Lease Certificate Communique in Turkey. The Sukuk represents Albaraka Turk’s second international Sukuk issuance following the issuance of their Tier 2 Sukuk in 2013, on which Norton Rose Fulbright also advised. The Joint Lead Managers were Emirates NBD Capital Limited, Nomura International, QInvest, and Standard Chartered Bank.

The Norton Rose Fulbright team was led by Partner Gregory Man and capital markets Of Counsel Vicky Jones, assisted by Senior Associates Cynthia Teo and Ahmet Kalafat.

Man commented: “This transaction represents a further notable Sukuk deal in the Turkish market. The structure of theSukuk was a hybrid structure encompassing both Murabaha receivables as well as tangible Sukuk assets and follows the recent international trend of combining multiple Shariah structures together with increasing complexity.” 

Somay Hukuk Burosu advised Albaraka Turk on the Turkish law aspects of the deal. Clifford Chance and Yegin Ciftci Attorney Partnership advised the Managers on English law and Turkish law aspects respectively. Clifford Chance also advised BNY Mellon Corporate Trustee Services Limited as Representative.

 

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