2017's first Tier 2 Notes Issue in Turkey

Leading global law firm Baker McKenzie has advised Akbank  T.A.S., one of Turkey's largest banks, on the offering of USD 500 million Basel III compliant Tier 2 Notes under Akbank's $3,500,000,000 Global Medium Term Note Programme. This represents the first Tier 2 Notes issue in Turkey this year. The Notes have a fixed term of 10 years and an early call  option at year 5.

Commenting, London-based partner Simon Porter said: "We were pleased to advise Akbank on this first Tier 2 issue of the year which confirms foreign institutional investors' confidence in the Turkish capital markets and Turkish banks after a  period of political and economic uncertainty.  We are expecting to see increasing activity from domestic issuers in the Turkish capital markets."

The Baker McKenzie team was led in London by London Head of Structured Capital Markets Simon Porter, partner Edward Bibko and of counsel Simon Schiff, and in Istanbul by Muhsin Keskin, partner and head of Capital Markets at Esin Attorney Partnership. They were supported by associates Berk Cin (Istanbul), Erdi Yildirim (Istanbul) and Adam Gardener (London).