Clifford Chance Advises Joint Bookrunners on Türk Telekom’s US$600 Million Green Notes and US$600 Million Sukuk Issuances, Marking Türkiye’s First Corporate Sukuk

Clifford Chance advised joint bookrunners J.P. Morgan, MUFG and ING Bank on Türk Telekom’s US$600 million Green Notes issuance and advised Dubai Islamic Bank, Emirates NBD Capital, HSBC and KFH Capital on the US$600 million sukuk issuance, and acted as representative counsel to Bank of New York Mellon. The Green Notes transaction comprised the issuance of US$600 million Rule 144A/Reg S 6.950% Green Notes due October 2032. Proceeds from the Green Notes will be allocated to finance and/or refinance eligible green projects under Türk Telekom’s sustainable finance framework, supporting Türkiye’s transition to a more sustainable economy. The sukuk transaction comprised the issuance of US$600 million lease certificates (sukuk) due 2030 through Türk Telekom’s wholly owned subsidiary TT Varlık Kiralama A.Ş. The transaction adopted a novel Islamic structure, utilising available capacity in Türk Telekom’s broadband network as assets, and represented the first cross‑border sukuk issued by a Turkish corporate, marking a significant milestone for Turkish capital markets. Clifford Chance represented joint bookrunners J.P. Morgan, MUFG and ING Bank (Green Notes) and Dubai Islamic Bank, Emirates NBD Capital, HSBC and KFH Capital (Sukuk) with a team composed by: partners Qudeer Latif, Matt Fairclough, Johannes Juette and Sait Eryılmaz (partners, Capital Markets / Cross‑border); legal consultants Brian O’Leary and Shauaib Mirza; senior associates Jeffery Hung and Ali Can Altıparmak; and team members Büşra Altuntaş, Natasha Sarna and Tara Kade, supported by trainees Alper Eski, Işıl Acar and Daniel McCurley. Clifford Chance acted as representative counsel to Bank of New York Mellon with partner Bruce Kahl, associate Robert Hartman and trainee Callum Florance (London).

Clifford Chance Advises Joint Bookrunners on Türk Telekom’s US$600 Million Green Notes and US$600 Million Sukuk Issuances, Marking Türkiye’s First Corporate Sukuk

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