Derin Altan

Counsel, Istanbul


“Derin Altan has a wide-ranging practice which covers both debt and equity capital markets. Clients describe him as “detail-oriented, knowledgeable and very commercial” and laud his “ability to build bridges between parties.”
Chambers & Partners – Türkiye


Derin Altan is a partner of GKC Partners. Derin leads the capital markets practice group in Türkiye and focuses on both equity capital markets and debt capital markets issuances including Islamic products, and also regularly advises clients on pure regulatory issues and M&A transactions involving listed entities. Derin represented both issuers and underwriters in the public offerings and projects regarding shares, covered warrants, public disclosures, derivative instruments and over-the-counter products, foreign securities, intermediary institutions. He holds "Advanced Level Capital Markets License" and "Corporate Governance Rating License" issued by the Turkish capital markets regulators.

Derin speaks regularly at industry conferences and seminars relating to equity and debt capital markets as well as financing and M&A transactions of public companies. Derin also appears as a guest lecturer in universities and industry groups. He was a member of the audit board in the Corporate Governance Association of Türkiye between 2012 and 2013, and he currently is a member of the board of directors of the Association of Capital Markets Professionals.

Bars and Courts
Istanbul Bar Association
Bogazici University, Economics and Finance
Istanbul University
Faculty of Law
For Turkish law matters, White & Case works with GKC Partners in Istanbul.


BofA Securities, BNP Paribas and Citi acting as joint bookrunners on the Reg S/Rule 144A debut issuance of US$400 million 8.500% senior guaranteed notes by TAV Havalimanları Holding A.Ş. (TAV Airports), a leading airport operator in the EMEA region with a diversified portfolio of 15 airports in eight countries and a service footprint spanning 108 airports globally.

Citigroup Global Markets Limited, DBS Bank and HSBC Bank acting as joint bookrunners on the Reg S/Rule 144A issuance of US$600 million 8.25% notes due 2028 and a concurrent tender offer by Mersin Uluslararası Liman İşletmeciliği A.Ş. (Mersin International Port), Türkiye’s largest container port. This transaction is the first time that a tender process was used in Türkiye in relation with a bond issuance.

Esas Holding A.Ş. in relation to the sale of Pegasus Hava Taşımacılığı A.Ş.’s shares representing %7 of the capital of Pegasus in the U.S. through accelerated book building (ABB).

Smart Holding A.Ş. in connection with a bilateral secondary block sale (sale to a single qualified investor) of a portion of their stake in a Borsa Istanbul listed company to an international investor, where HSBC acted as the placing agent. in its US$780 million IPO (including green-shoe) on Nasdaq. This landmark transaction marks several market firsts: first IPO by a Turkish company on Nasdaq, largest Turkish tech IPO in history and a largest Turkish IPO in over a decade.

Ülker Bisküvi Sanayi A.Ş. as the Issuer on the offering of US$650 million 6.95% debut Eurobond issuance due 2025. The Issuer is Türkiye's leading confectionery manufacturing company and is a global player with exports to more than 100 countries, manufacturing activities in Türkiye, Kingdom of Saudi Arabia, Egypt and Kazakhstan, and strategic investments in iconic confectionery manufacturers such as Godiva and McVitie's. Bank of America Merrill Lynch and J.P. Morgan acted as Global Coordinators and Bookrunners, HSBC acted as a Joint Lead Manager, and Rabobank and Renaissance Capital acted as Co-Managers.

UBS and Bank of America Securities, as joint bookrunners, in the issuance of amortizing senior secured US$370 million project bonds under Rule 144A / Regulation S due 2036 by LimakPort. This ground-breaking transaction achieves several firsts: first marketed project bond in Türkiye, first project bond by a Turkish company, first Turkish corporate bond with a sustainability-linked coupon, one of the first bonds from EMEA offered into the US / under 144A with a sustainability-linked coupon and first ESG-linked corporate bond in Türkiye.

Zorlu Yenilenebilir Enerji A.Ş. (Zorlu Renewables), as the issuer in its US$300 million issuance of 9.00 per cent Senior Secured Notes due 2026. Bank of America acted as the bookrunner. Zorlu Renewables is one of Türkiye's leading independent renewable energy producers.

Citi, Goldman Sachs and JP Morgan, as joint bookrunners, in Aydem Renewables' US$750 million inaugural senior secured green bond transaction. This transaction marks the largest Eurobond transaction ever by a Turkish corporate and the largest DCM transaction by a renewable company in the whole CEEMEA region.

Commerzbank AG, the sole lead manager, on the US$200 million 10,50% Additional Tier 1 (AT1) notes issuance by Alternatif Bank A.Ş., a private Turkish bank. It is the second public Additional Tier 1 bond issuance from Türkiye.

Pegasus Airlines, Türkiye's leading low-cost carrier, on its US$375 million debut Eurobonds issuance due in 2026, where BofA Securities and Goldman Sachs International acted as global coordinators and bookrunners.

Başkent Doğalgaz Dağıtım Gayrimenkul Yatırım A.Ş., one of Türkiye's largest natural gas distributors, in its IPO under Rule 144A and Reg S, where Ünlü and Yapı Kredi Bank acted as bookrunners.

Yapı ve Kredi Bankası A.Ş, in the issuance of AT1 compliant notes worth US$650 million, which is the first issuance of AT1 compliant notes by a Turkish issuer. In addition to the issuance of AT1 notes, as part of the capital strengthening programme of Yapı Kredi, we have represented Yapı Kredi in the rights issue, without restricting the pre-emption right of the existing shareholders, worth US$ 1 billion.

Ak Yatırım, Garanti Yatırım, İş Yatırım, Vakıf Yatırım, Yapı Kredi Yatırım and Ziraat Yatırım as underwriters in the secondary public offering of Aselsan Elektronik Sanayi ve Ticaret A.Ş., the leading Turkish high-technology defense and security company.

BAML, Credit Suisse, J.P. Morgan, Ünlü & Co, Citi, UniCredit, and Garanti Yatırım as the underwriters on the US$531 million initial public offering of Şok Marketler A.Ş. on Borsa Istanbul.

Enerjisa, a leading Turkish energy distribution and retail company, in its US$352 million initial public offering and listing on Borsa Istanbul.

U.N. Ro-Ro in its proposed initial public offering and listing on Borsa Istanbul.

J.P. Morgan Securities plc, Goldman Sachs International, HSBC Bank plc, BofA Merrill Lynch and Ak Yatırım Menkul Değerler A.S., on the initial public offering and Borsa Istanbul listing of MLP Sağlık Hizmetleri A.Ş., the largest private healthcare services provider in Türkiye, for aggregate proceeds of US$332 million.

Goldman Sachs International, Merrill Lynch International and İş Yatırım Menkul Değerler A.Ş. on the US$288 million initial public offering and listing on Borsa Istanbul of Mavi Giyim Sanayi ve Ticaret A.Ş. It was the largest IPO in Türkiye since 2010.

IHH Healthcare Berhad in relation to matters with Turkish law, in its Rule 144A / Regulation S offering and dual listing in the main markets of Malaysia and Singapore exchanges.

Salini Impregilo S.p.A., as issuer, and Salini Costruttori S.p.A., as selling shareholder, on the US and UK law aspects of its €513.3 million share placement to institutional investors of Salini Impregilo S.p.A.'s shares.

Awards and Recognition

Leading Individual: Banking, Finance & Capital Markets
The Legal 500, Türkiye 2023

Band 1: Capital Markets
Chambers and Partners, Türkiye 2023

Highly Regarded: Capital Markets
IFLR1000, Türkiye 2023