Akin Advises TPAO on Landmark $4 Billion Sukuk Program and Record-Breaking Inaugural Issuance

(Dubai) – Akin’s Dubai capital markets team advised Türkiye Petrolleri Anonim Ortaklığı (“TPAO”), Türkiye’s state oil and gas company, on the establishment of its $4 billion trust certificate issuance program and the successful completion of its inaugural $1 billion lease certificates issuance.

This landmark transaction represents the first sukuk issuance by a Turkish public economic enterprise and the largest corporate sukuk ever completed in Türkiye. The program establishes a flexible Shariah-compliant funding platform to support TPAO’s strategic development initiatives and long-term capital markets access.

The inaugural issuance generated exceptional investor demand, attracting more than $5.5 billion in orders—a 7.3 times oversubscription—from 165 international institutional investors across Europe, the Middle East and Asia. Strong orderbook momentum enabled TPAO to increase the offering from the originally contemplated $750 million to $1 billion, achieving a final yield of 6.30%.

The transaction underscores the continued evolution of Türkiye’s sukuk market and advances the diversification of funding channels for major energy and infrastructure projects. It further positions TPAO as a sophisticated and recurring participant in the international Islamic capital markets.

TPAO CFO, Cagri Tas said: “This inaugural sukuk issuance marks an important milestone in TPAO’s evolution as an international capital markets issuer. The strong global demand and diversified investor participation reflect confidence in our credit profile, long-term strategy and Türkiye’s energy ambitions. The establishment of our $4 billion program provides us with a flexible and efficient funding platform to support our continued growth. We thank our advisers and banking partners, including Akin, for their expertise and commitment in delivering this landmark transaction.”

The issuance was arranged with Kuveyt Türk Yatırım acting as financial advisor. KFH Capital, Emirates NBD Capital and Standard Chartered Bank served as global coordinators. Abu Dhabi Commercial Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Warba Bank acted as joint lead managers.

Akin capital markets partner Rizwan Kanji commented: “We are proud to have advised TPAO on both the establishment of its $4 billion sukuk program and its historic inaugural issuance. This transaction sets a new benchmark for Turkish corporate sukuk and demonstrates the strength of our capital markets practice in the region. Akin has been at the forefront of advising on Sukuk issuances out of Türkiye, and this transaction further reinforces our capability in structuring complex cross-border Islamic finance transactions. I would also like to recognize the outstanding work of our team, including Nicola Minervini and Sahar Abas, whose contributions were instrumental in delivering this landmark transaction. We are grateful to TPAO for entrusting us with a transaction of such national and market significance.”

The Akin team was led by capital markets partner Rizwan Kanji and supported by counsels 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.