Akin Advised Türkiye Petrolleri Anonim Ortaklığı On Landmark $4 Billion Sukuk Program And Inaugural Issuance
Akin advised Türkiye Petrolleri Anonim Ortaklığı on landmark $4 billion sukuk program and inaugural issuance
The leading international law firm, Akin advised Türkiye Petrolleri Anonim Ortaklığı (TPAO), Türkiye’s state oil and gas company, on the establishment of its $4 billion trust certificate issuance program and the successful completion of its inaugural $1 billion lease certificates issuance.
The transaction marks the first sukuk issuance by a Turkish public economic enterprise and the largest corporate sukuk ever completed in Türkiye. The program establishes a Shariah-compliant funding platform designed to support TPAO’s strategic development initiatives and long-term access to international capital markets.
The inaugural issuance attracted strong investor demand, generating more than $5.5 billion in orders from 165 international institutional investors across Europe, the Middle East and Asia. Due to the significant oversubscription, the offering size was increased from the originally planned $750 million to $1 billion, achieving a final yield of 6.30%.
The issuance was arranged with Kuveyt Türk Yatırım acting as financial advisor. KFH Capital, Emirates NBD Capital and Standard Chartered Bank served as global coordinators. Abu Dhabi Commercial Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Warba Bank acted as joint lead managers.
The Akin team was led by Rizwan Kanji (Partner), with support from Nicola Minervini (Counsel) and Sahar Abas (Counsel).
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