Allen & Overy and Turkish affiliate Gedik & Eraksoy have advised the joint bookruners on Akbank's USD 600 million issuance of 9.37% perpetual fixed rate resettable additional tier 1 notes. Baker McKenzie and Turkish affiliate Esin Attorney Partnership advised Akbank.
Akbank was founded in Adana in 1948. According to Baker McKenzie, it is "one of the most well-capitalized banks in Turkiye."
According to Allen & Overy, this was the first "Turkish Basel III-compliant additional tier 1 bond issuance which was fully subscribed by qualified foreign investors. The deal also attracted great investor interest, with demand from about 200 foreign investors exceeding USD 3.7 billion."
The Gedik & Eraksoy team included Partner Umut Gurgey, Associate Nur Ertekin, Junior Associate Melis Yilmaz Diler, and Legal Trainee Ozan Geyik. The Allen & Overy team was led by London-based Partners Jamie Durham and Sachin Dave.
The Esin Attorney Partnership team included Partner Muhsin Keskin, Associates Busra Cavas and Oyku Ruya Turkogullari, and Trainee Ahmet Semih Aktas. The Baker McKenzie team in London included Partner Megan Schellinger, Senior Associate James Tanner, Associate Akshay Prasad, and Trainee Solicitor Avni Devgan.
