White & Case and GKC Partners advise Yapı Kredi on US$650 million Tier 2 notes issuance

Global law firm White & Case LLP and GKC Partners have advised Yapı Kredi, one of the largest private banks in Türkiye, on its offering of 9.25% US$650 million 144A/Reg S, 10NC5 Basel III-compliant Tier 2 notes.

“This is an important issuance by Yapı Kredi, reopening the Turkish capital issuance market and paving the way for other issuances of subordinated debt,” said White & Case partner Stuart Matty, who led the Firm’s deal team. “The transaction was 3.7 times over-subscribed and represents the positive outlook towards reputable Turkish financial institutions. Türkiye continues to be a very important market for White & Case, and this transaction showcases the strength of our expertise across English law, New York law and Turkish law.”

The transaction completed on January 17, 2024 and ADCB, Citibank, J.P. Morgan, MUFG, SMBC and Standard Chartered acted as Joint Lead Managers.

The White & Case team that advised on the transaction included partners Stuart Matty, Neha Saran and Laura Sizemore (all London), counsel Doron Loewinger (London) and associates Adrien Dumoulin-Smith (Paris), Emily Thomson and Diala Kakish (both London). White & Case has a professional association with Istanbul-based GKC Partners. The GKC Partners team included counsel Derin Altan and associates Can Argon and Şehriban Ünlü.

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