Baker McKenzie advises Akbank on its ground-breaking Tier 1 issuance

Leading global law firm, Baker McKenzie has advised Akbank on the completion of its inaugural Basel-III compliant Additional Tier-I (AT-1) issuance to international capital markets investors, which marks a first in Türkiye.

The USD 600 million bonds with perpetual maturity with a call option in year 5, were priced to yield 9.37%. The deal received peak demand of USD 3.7 billion from around 200 foreign-based investors.

Founded in Adana in 1948, Akbank is one of the most well capitalised banks in Türkiye.

Commenting on the deal, Corporate Partner, Megan Schellinger, who led the Baker McKenzie team, said: “We are pleased to have been able to support Akbank on this transaction, which proves the confidence in Türkiye’s economy. Our involvement is another example of the strength of our cross-border capabilities to advise on this type of work."

Baker McKenzie's involvement in this transaction follows its work advising Türkiye Wealth Fund on its debut benchmark Eurobond.