King & Spalding Advises Turkey's Bank Asya on US$250 Million Certificates Issuance

King & Spalding Advises Turkey's Bank Asya on US$250 Million Certificates 
Issuance 
DUBAI, UNITED ARAB EMIRATES -- (Marketwired) -- 04/02/13 --  King &
Spalding advised Asya Katilim Bankasi A.Ş. (Bank Asya), the
largest Turkish participation bank, on the issuance of US$250 million
resettable subordinated tier 2 certificates in a landmark
Shari'ah-compliant capital markets transaction.  
The certificates, listed on the Irish Stock Exchange and due in 2023,
are the first subordinated tier 2 Shari'ah-compliant certificates to
be issued from Europe, Turkey and the Middle East. The certificates
are issued through Asya Sukuk Company Limited, a Cayman Island
incorporated special purpose vehicle.  
The King & Spalding team that advised on the deal was led by
Dubai-based Middle East and Islamic finance partner Rizwan H. Kanji,
with senior associate Lidia Kamleh, associate Pavandeep Gill and
transactional specialist Gina Bunker supporting. The joint lead
managers on the transaction were Bank of America Merrill Lynch,
EmiratesNBD, HSBC and National Bank of Abu Dhabi PJSC, which were
advised by Allen & Overy.  
"This is a landmark transaction," said Kanji. "It is a debut by Bank
Asya in the international capital markets and the first tier 2 Sukuk
outside of Asia. This transaction should facilitate other potential
capital funding issuances by participation banks in Turkey in a
similar manner." 
King & Spalding's debt capital markets team in Dubai has extensive
experience advising on Sukuk issuances from Turkey, including the
first-ever Turkish Sukuk and the first Sukuk under the amended
Turkish legislation in 2011.  
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Contact: 
King & Spalding
Matt Hyams
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mhyams@kslaw.com