Norton Rose Fulbright advises on financial institutions deal of the year

Press release - Business February 2019

Global law firm Norton Rose Fulbright has been recognised for its involvement in a market-leading transaction by Bonds & Loans Turkey. The deal was awarded Financial Institutions Deal of the Year.

The Bonds & Loans Awards Turkey is the only ceremony recognising excellence in Turkey’s structured finance and capital markets. Bonds & Loans is an integrated market intelligence platform focused on emerging market credit globally.

Norton Rose Fulbright has advised Albaraka Türk Katılım Bankası A.Ş. (Albaraka Türk) on the issuance of its $205 million additional tier 1 capital (AT1) Sukuk.

The Basel III compliant Sukuk is the first AT1 in Turkey, whether conventional or Islamic, and was issued through a special purpose vehicle, Bereket One Ltd. The Sukuk was admitted to the official list and to trading on the regulated market of the Irish Stock Exchange.

The Norton Rose Fulbright team was led by Dubai-based partner Gregory Man with assistance from London-based partner Nikolai Mikhailov and senior associate Ganna Vlasenko.

Albaraka Türk is a subsidiary of leading Bahrain Albaraka Banking Group. Albaraka Türk was established as the first interest-free bank in Turkey in 1984 and commenced commercial operations in March 1985. Albaraka Türk's business is undertaken in compliance with the principles of interest-free banking, known as participation banking.

Gregory Man, partner, Norton Rose Fulbright commented:

“We are delighted that the firm has been recognised for its involvement in this ground breaking deal. As the first Basel III compliant AT1 deal to come out of Turkey and the first in a sukuk format, this truly was a milestone transaction for the market and for our client.”

Norton Rose Fulbright has a local presence in Istanbul and is affiliated to İnal Kama Avukatlık Ortaklığı, which provides Turkish law advice.

For further information please contact:

Kate Farrell, Public Relations Executive
Tel: +44 (0) 20 7444 3724; Mob: +44 (0) 7515 324 290
kate.farrell@nortonrosefulbright.com

Notes for editors:

Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.

Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.

Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.

Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.