Leading global law firm Baker McKenzie has advised Akbank, one of Turkey's largest financial institutions, as issuer's counsel on its USD 50 million green bond - the first of its kind from the country since the Covid-19 pandemic began. The bond is intended to adhere to ICMA's Green Bond Principles and as such, proceeds will be used to fund the bank's future renewable energy projects alongside supporting Turkey's transition to a low carbon economy.

Megan Schellinger, partner in the Corporate Finance practice at Baker McKenzie in London commented on the deal, “We are delighted to have advised Akbank on its issuance of green bonds, which not only helps our client add a new product to its foreign borrowing instruments, but also expands its investor base and borrowing product portfolio. The deal also showcases our global finance offering, bringing together expertise from across our international network.”

The Baker McKenzie was led by partner Megan Schellinger and supported by senior associates James Tanner and Maxim Khrapov in London, and partner Muhsin Keskin with associate Erdi Yildirim in the Istanbul office.

The deal closed on 5th August. HSBC acted as the arranger and Citibank acted as the agent.

The Akbank issuance is the latest green bond deal advised by the Corporate Finance practice at Baker McKenzie. Last month the team provided counsel for Georgia Global Utilities in a US$250 million green bond issuance, used to refinance existing loan arrangements for green assets and to finance capital expenditure for Georgia’s water supply and sanitation requirements.
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