Akin with TPAO on $4 bn trust certificate issuance program

Akin’s Dubai capital markets team 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 completion of its inaugural $1 billion lease certificates issuance.

The program’s inaugural issuance attracted over $5.5 billion in orders from 165 international institutional investors across Europe, the Middle East and Asia. Such orderbook momentum enabled TPAO to increase the offering from the originally contemplated $750 million to $1 billion, achieving a final yield of 6.30%.

The banking support

Kuveyt Türk Yatırım served as financial advisor on the issuance, while KFH Capital, Emirates NBD Capital and Standard Chartered Bank acted as global coordinators. Abu Dhabi Commercial Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Warba Bank worked as joint lead managers.

The Akin team

Capital markets partner Rizwan Kanji (pictured) led the Akin team on the matter, working alongside counsels Nicola Minervini and Sahar Abas.