Clifford Chance | Clifford Chance advises the Joint Bookrunners on TSKB’s successful offering of 144A/Reg S Sustainable Notes

Clifford Chance advises the Joint Bookrunners on TSKB’s successful offering of 144A/Reg S Sustainable Notes

The London, Paris and Istanbul offices of leading international law firm Clifford Chance have advised the joint bookrunners on the Industrial Development Bank of Turkey (TSKB)’s USD 350 million Rule 144A/Reg S 5.875% sustainable notes due 2026. TSKB operates its banking operations in line with globally recognized sustainability principles, with a mission to make a substantial contribution to the UN Sustainable Development Goals through the financing facilities it offers.

The proceeds of TSKB’s sustainable bonds issuance will be used to finance or re-finance projects eligible under TSKB’s Sustainability Framework, in line with the International Capital Markets Association’s (ICMA) Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines. The issuance marks the first sustainable bond of the year out of Turkey.

The Clifford Chance team consisted of, in London, partner David Dunnigan, senior associate Peter Pears and associate Nigel Leong, advising on English law matters; in Paris, partner Alex Bafi, counsel Olivier Plessis and associate Ryan Bosch, advising on US securities matters; and in Istanbul, partner Itir Çiftçi, counsel Sait Eryilmaz and associate AliCan Altiparmak, advising on Turkish law matters.

Clifford Chance has also recently been appointed to ICMA’s Advisory Council of the Green Bond Principles and Social Bond Principles Executive Committee and, in December 2020, launched its ESG taskforce which will focus on helping organisations to navigate and bring about the accelerating global shift towards more sustainable businesses and societies.