White & Case Advises Yapı Kredi on Successful US$500 Million Bond Offering
Global law firm White & Case LLP has advised Turkish bank Yapı Kredi on its successful bond issuance of US$ 500 million fixed rate notes due 8 February 2017. The transaction was jointly led by J.P. Morgan Securities Ltd., Standard Chartered Bank and UniCredit Bank AG.
This offering by Yapı Kredi is the first senior unsecured bond offering from a Turkish private bank since the first half of 2011, and the first issue of 2012 by a private bank in Central and Eastern Europe.
"Turkey has a good growth story and investors in Europe and the United States remain interested in supporting the country, despite the challenging economic conditions elsewhere," said White & Case partner Doron Loewinger.
The offering received strong interest and was approximately three times oversubscribed with a coupon rate of 6.750%.
Yapı Kredi intends to use the proceeds from this offering for general corporate purposes.
The White & Case team was led by London partner Doron Loewinger, working closely with Istanbul partner Meltem Akol, and supported by London associates Michael Bark-Jones, Michal Amir and trainee Joanna Walker, and by Istanbul associates Ali Uzun and Derin Altan.
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