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Cases & Deals

November 3, 2016

King & Spalding Advises Kuveyt Turk on US$500 Million Senior Unsecured Certificates

DUBAI, United Arab Emirates, November 3, 2016 – King & Spalding advised Kuveyt Turk Katilim  Bankasi A.S. (Kuveyt Turk), currently the largest Turkish participation bank, on the issuance of US$500 million senior unsecured certificates due 2021.

The certificates are listed on the Irish Stock Exchange and issued through KT Kira Sertifikilari Varlik Kiralama A.S., the Turkish asset leasing company. The transaction was substantially oversubscribed and priced at 5.162%. The issuance attracted more than 115 international investors from the Gulf, Europe and Asia, with  investors from Gulf countries taking up 61% of the offering, European investors subscribing for 27% and Asian investors taking 12%.

The deal is the most successful international capital markets  offering by a Turkish issuer in 2016. More details can be found here.

The King & Spalding team advising Kuveyt Turk was led by Dubai-based partner Rizwan H Kanji with assistance from senior associate Hamed Afzal (Dubai) and transaction specialist Gina Bunker (Washington D.C.).

The deal is the latest in a line of capital markets instructions for Kuveyt Turk. These include advising the company on the issuance of US$350 million subordinated resettable tier 2 certificates earlier this year and, in 2014, a US$500 million issuance of unsecured certificates.

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