The American Lawyer - Focus Europe, Winter 2012

the impact of the global economic environment on international investors.

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 in Turkey.

Meltem Akol Laura Sizemore

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 issuance. ■

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 lsizemore@whitecase.com www.whitecase.com 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.