02 03 2016

Kuveyt Türk completed the issuance of US$350 million subordinated Tier 2 listed on the Irish Stock Exchange

Clifford Chance and Yegin Çiftçi Attorney Partnership Istanbul have advised the joint lead managers on Kuveyt Türk's US$350 million subordinated Tier 2 certificates issuance listed on the Irish Stock Exchange.


Kuveyt Türk is a Turkish participation bank with a credit rating of BBB by Fitch and is majority owned by Kuwait Finance House, a Kuwaiti-based financial institution. The deal marks the first issuance by Kuveyt Türk of Basel III compliant Tier 2 sukuk. The joint lead managers were Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, KAMCO Investment Company, KFH Capital, Noor Bank and QInvest LLC. The issuer of the certificates is an orphan special purpose vehicle company established by Kuveyt Türk in the Cayman Islands with the sole purpose of issuing the certificates. The certificates were issued with a face value of US$350 million with a fixed profit rate which is resettable after five years at the option of Kuveyt Türk. The certificates utilise a wakala structure, with the wakala assets comprising certain Ijara assets, Murabaha receivables and tangible investment sukuk. Clifford Chance advised the joint lead managers on the transaction with a team led by Dubai-based partners Stuart Ure (picture) and Qudeer Latif, supported by associates Mark Dickinson, Eileen Kerr, Moussa Louizi and Julian Walley. Yegin Çiftçi Attorney Partnership advised the joint lead managers on the deal with a team led by Istanbul-based Partner Mete Yegin, assisted by associates Sait Eryilmaz and Aras Görkem. Involved fees earner: Stuart Ure - Clifford Chance; Qudeer Latif - Clifford Chance; Mark Dickinson - Clifford Chance; Eileen Kerr - Clifford Chance; Julian Walley - Clifford Chance; Moussa Louizi - Clifford Chance; Mete Yegin - Yegin Çiftçi Attorney Partnership; Sait Eryilmaz - Yegin Çiftçi Attorney Partnership; Aras Görkem - Yegin Çiftçi Attorney Partnership;

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