Akin Advises Vakif Katilim on Debut $500 Million International Sukuk Issuance
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(Dubai) – Akin advised Vakif Katilim Bankasi A.S., one of Türkiye's leading participation banks, on its inaugural issuance of $500 million Additional Tier 1 (“AT1”) Capital Certificates (the “Certificates”).
The Certificates were issued by a Cayman special purpose vehicle, Vakif Katilim Sukuk Ltd., marking a significant milestone in both Vakif Katilim’s growth trajectory and the evolution of Türkiye’s Sukuk market. Investor interest was exceptionally strong, with an oversubscribed orderbook exceeding $1.8 billion from more than 80 international investors across the Middle East, the UK and Europe.
This robust demand highlights the increasing global appetite for Sukuk instruments, particularly those originating from Türkiye. The transaction strengthens Vakif Katilim’s core capital quality, supporting its long-term growth strategy and financial resilience. It also represents the largest subordinated Sukuk offering by a Turkish participation bank to date.
HSBC, Emirates NBD, and Standard Chartered acted as joint global coordinators. The joint lead managers included Abu Dhabi Islamic Bank; Arqaam Capital; Bank ABC; Banco Bilbao Vizcaya Argentaria S.A.; Dubai Islamic Bank; First Abu Dhabi Bank; Goldman Sachs International; KFH Capital; Mashreq Bank; and Warba Bank.
Commenting on the transaction, Vakif Katilim Bank CEO Mehmet Ali Akben, said “The overwhelming demand for our $500 million AT1 Sukuk is a clear demonstration of the trust placed in our institution by international investors, as well as in the long-term strength and resilience of the Turkish economy. We remain committed to sustainable growth, contributing meaningfully to the advancement of our sector and the broader economic and social development of Türkiye.”
Akin capital markets partner Rizwan Kanji commented “We are pleased to have assisted Vakif Katilim on an incredibly successful debut international Sukuk issuance. Akin continues to cement its reputation as the firm of choice to assist on Sukuk issuances out Türkiye and we are grateful to the Vakif Katilim team and all our Turkish clients for their continued trust in the firm.”
The Akin team was led by capital markets partner Rizwan Kanji with support from counsel Nicola Minervini and associate Sahar Abas.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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