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Norton Rose Fulbright Advises Albaraka Turk on First Ever Turkish AT1 Sukuk

Norton Rose Fulbright Advises Albaraka Turk on First Ever Turkish AT1 Sukuk

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Norton Rose Fulbright has advised Albaraka Turk Katilim Bankasi A.S. on the issuance of its USD 205 million additional tier one capital Sukuk.

The Basel III compliant Sukuk is the first AT1 in Turkey and was issued through a special purpose vehicle, Bereket One Ltd., by way of a private placement. The Sukuk was admitted to the official list and to trading on the regulated market of the Irish Stock Exchange.

Albaraka Turk Katilim Bankasi A.S. (Albaraka Turk), which was established in 1984 and commenced operations in March 1985 as the first interest-free bank in Turkey, is a subsidiary of Bahrain Albaraka Banking Group. 

The Norton Rose Fulbright team was led by Dubai-based Partner Gregory Man with the assistance of London-based Partner Nikolai Mikhailov and Senior Associate Ganna Vlasenko.

Editor's Note: After this article was published, CEE Legal Matters learned that Paksoy had acted as local counsel for Albaraka Turk Katilim Bankasi on the issuance. The firm's team was led by Partner Sera Somay and included Associates Pinar Tuzun and Soner Dagli.

 

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