the impact of the global economic
environment on international
According to ISE figures, there
were 22 and 25 equity public
offerings in 2010 and 2011 (to date)
respectively, compared to 2 and 1
in 2008 and 2009. The increase in
debt issuance is even more
significant: 62 out of 66 debt
public offerings since the end of
2005 took place in the last two
years, 15 of them in 2010 and 47 in
2011. A similar trend can be seen in
the data made available by the
CMB, where the value of all capital
markets instruments registered
with the CMB in 2011 (to date) was
more than three times the total
value as of the end of 2010.
The share of foreign investors in
the equity markets of the ISE has
remained relatively stable.
According to the Central Registry
Debt offerings became an attractive alternative in
2010 and 2011, including plain corporate bonds, high
yield bonds, LPN and Eurobond issuances by Turkish
companies and banks.
Another interesting trend has been the interest
shown by foreign issuers in making direct issuances into
Turkey. DO & CO’s secondary listing on the ISE was a
first for a non-Turkish issuer, and Deutsche Bank’s
warrant issuance in 2010 was the first warrant issuance
HOW BENEFICIAL IS IT FOR CLIENTS TO INSTRUCT A
GLOBAL FIRM LIKE WHITE & CASE IN THIS AREA?
We are the firm of choice in Turkey based on our
30 years of experience in the market, our track record
of executing “firsts” in Turkey, and our integrated and
efficient approach in combining domestic and
international expertise. Our team includes highly
experienced lawyers who work together regularly on
Turkish capital markets matters, which adds significant
value for clients.
We have been, and continue to be, the most active
law firm in Turkey advising issuers and underwriters on
IPOs and are consistently ranked in the first tier by
independent commentators. We have been involved in a
number of ground-breaking deals across a range of
industry sectors: We were involved in the first
international IPO of a Turkish company (Teletaş in
1988), and to date we have represented issuers and
underwriters in more than 50 Turkish equity and debt
offerings. Since 2005, we have advised on 8 out of the
largest 11 IPOs in Turkey, including Türk Telekom, Coca-Cola İçecek, Vakıfbank, Emlak Konut GYO, Koza Altın,
Sinpaş GYO, Torunlar GYO and Bizim Toptan – the total
proceeds from these deals exceeded $5.5 billion.
In addition to IPOs, we have been involved in
secondary offerings, plain debt, high yield, LPN, warrant
issuances and structured products, among others.
Recently, we represented our clients in the first equity
issuance and secondary listing by a foreign issuer in
Turkey, the first high yield bond offering by a Turkish
issuer in over 15 years, the first debt issuance by a
foreign issuer in Turkey and the first covered warrant
About the authors:
Laura Sizemore is a capital markets partner in the
Istanbul and New York offices of White & Case LLP.
She represents issuers, underwriters and other
participants in global offerings under Rule
144A/Regulation S as well as US registered public
offerings. She has extensive experience in emerging
markets securities offerings, including listings on one
or more securities exchanges. She has been involved
in Turkish capital markets transactions since 2004.
She also advises US registered companies with
respect to their disclosure and other compliance
obligations under US federal securities laws.
Ms. Sizemore received a J.D./LL.M. with honors from
Duke University Law School and is a member of the
New York Bar Association.
White & Case LLP
Tel : + 90 212 275 7533
Meltem Akol is a partner in Akol Law Office, the
Turkish affiliate of White & Case LLP. Ms. Akol’s
practice concentrates on capital markets, cross
border mergers and acquisitions and joint ventures
and private equity transactions. In the capital markets
law area, Meltem Akol has worked on equity and debt
offerings by Turkish and foreign issuers as well as
advising on a wide range of transactions. Ms. Akol
received an LL.M. from Harvard Law School and is a
member of the Istanbul Bar.
Akol Law Office
Tel: + 90 212 355 1300