Leading global law firm, Baker McKenzie has advised the Turkish Sovereign Wealth Fund, Türkiye Wealth Fund (TWF), on its debut benchmark Eurobond.
The issuance, structured under Regulation S for sale to non-US investors with a five year maturity, was priced at 8.375%.
Despite a USD 500 million offering, the orderbook exceeded USD 7 billion, resulting in an oversubscription rate of over 14 times, the highest ever recorded in Turkey.
TWF is the strategic investment arm and the equity solutions provider of the Republic of Türkiye. It is an asset-backed development fund that focuses on the growth targets of its portfolio companies through value creation programs, investments in key sectors and visionary projects to support the economic development in the country. Founded in 2016, TWF has a portfolio of 30 companies in many different economic sectors, as well as licenses and real estate interests.
Commenting on the transaction, Corporate Partner, Megan Schellinger, who led the deal said: “We are pleased to have been able to support TWF on this important transaction, which sends a strong signal to the market that Turkish capital markets are starting to fully re-open. Our involvement is a demonstration of the strength of our cross-border capabilities in both the London and Istanbul markets."
The issuance, structured under Regulation S for sale to non-US investors with a five year maturity, was priced at 8.375%.
Despite a USD 500 million offering, the orderbook exceeded USD 7 billion, resulting in an oversubscription rate of over 14 times, the highest ever recorded in Turkey.
TWF is the strategic investment arm and the equity solutions provider of the Republic of Türkiye. It is an asset-backed development fund that focuses on the growth targets of its portfolio companies through value creation programs, investments in key sectors and visionary projects to support the economic development in the country. Founded in 2016, TWF has a portfolio of 30 companies in many different economic sectors, as well as licenses and real estate interests.
Commenting on the transaction, Corporate Partner, Megan Schellinger, who led the deal said: “We are pleased to have been able to support TWF on this important transaction, which sends a strong signal to the market that Turkish capital markets are starting to fully re-open. Our involvement is a demonstration of the strength of our cross-border capabilities in both the London and Istanbul markets."
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