White & Case and GKC Partners have advised Yapi Kredi Bank, one of the largest private banks in Turkey, on its inaugural offering of USD 650 million Perpetual Fixed Rate Resettable Additional Tier 1 Notes. The global coordinators and joint bookrunners were advised by Allen & Overy and Gedik & Eraksoy.
Bank of America Merrill Lynch, Citi, and UniCredit acted as global coordinators and joint bookrunners, with JP Morgan and Societe Generale acting as joint bookrunners.
According to White & Case "it is the first ever public Additional Tier 1 bond issuance from Turkey, and the first issue of non-sovereign international bonds from Turkey since April 2018, thereby reopening the Turkish private sector bond market. The Notes are callable every five years and feature principal loss absorption in the form of temporary write-down, based on CET1 trigger."
The White & Case team was led by London-based Partners Ashley Ballard and Richard Pogrel, London-based Counsel Doron Loewinger, and Istanbul-based Association Partner Derin Altan, with support from London-based Associates Neha Saran and Luiza Salata and Istanbul-based Associate Eren Ayanlar.
The Allen & Overy team consisted of, in Turkey, Partner Hakki Gedik, Senior Counsel Umut Gurgey, and Associates Dilsah Gurses and Burak Ozsoy. In the UK, the team included Partner Jamie Durham and Senior Associate Cieren Leigh, and the team consisted of US Partner Sachin Dave and Senior Associate Alana McCurley.