Akin Advises TPAO on $500 Million Tap Issuance of Inaugural Lease Certificates
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(Dubai) – Akin's Dubai capital markets team advised Türkiye Petrolleri Anonim Ortaklığı (TPAO), Türkiye's state oil and gas company, on the $500 million tap issuance of its inaugural $1 billion lease certificates, issued under TPAO's $4 billion trust certificate issuance program.
This transaction builds on Akin's role advising TPAO on both the formation of its $4 billion Sukuk program and its landmark $1 billion issuance, representing the first sukuk issuance by a Turkish public economic enterprise and the largest corporate sukuk completed in Türkiye.
The successful execution of this tap offering confirms TPAO's standing as a repeat issuer in the international Islamic capital markets and its capacity to access capital efficiently under its established program framework. The lease certificates were issued through TPAO's asset leasing company, TPAO Varlik Kiralama A.Ş., with Standard Chartered Bank and Emirates NBD Capital serving as joint lead managers.
The transaction reflects the continued development of Türkiye's sukuk market and sustained institutional demand for high-quality, Shariah-compliant emerging market instruments, particularly from international institutional investors.
The Akin team was led by capital markets partner Rizwan Kanji, with support from counsel Nicola Minervini and Sahar Abas.
Akin is a leading international law firm with more than 1,000 lawyers in offices throughout the United States, Europe, and the Middle East.
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