20th February 2020
Shangri-La Bosphorus, Istanbul

Final Shortlist

144a/RegS Bond Deal of the Year

Türk Telekomünikasyon A.Ş. - Türk Telekom,
USD Equivalent USD 500,000,000
28 February 2019
99.396% / 6.875% / 7.000%
Eurobond due in 28 February 2024
JLMs / Bookrunners
BofA Merrill Lynch
Citigroup,
ING
MUFG
Société Générale
Legal Advisor to Issuer
Baker McKenzie
Esin Attorney Partnership
Legal Advisors to Joint Lead Managers
Allen & Overy
Gedik & Eraksoy

Türkiye Şişe ve Cam Fabrikaları A.Ş.
USD700M Senior Unsecured Eurobond Bond
7 March 2019 & 19 March 2019
7,25% / 6,95%
Due in 14 March 2026
Joint-Lead Managers (JLMs) / Bookrunners:
BNP Paribas
Citi
HSBC
JP Morgan
Legal Adviser to the Issuer
Allen & Overy
Gedik & Eraksoy
Legal Adviser to the JLMs:
Mayer Brown
Yazici Legal

Yaşar Holding A.Ş.
11 July 2019
Offer up to USD 100,000,000 of USD 250,000,000 8.875% Notes Bond Restructuring due in 2020
8.875%
JLMs / Bookrunners
Barclays Bank Plc
Legal Advisor to Issuer
Baker McKenzie
Esin Attorney Partnership
Legal Advisors to Joint Lead Managers
Dentons
Balcıoğlu Selçuk Akman Keki Attorney Partnership

FI Bond Deal of the Year

Türkiye İhracat Kredi Bankasi A.Ş. (“TurkExim Bank”)
USD 500 million
16 January 2019 (Pricing) / 24 January 2019 (Settlement)
99.799 (Re-Offer Price) / 8.250% (Coupon) / 8.300% (Yield)
5 year 8.250% 144A / Reg S Senior Unsecured Notes
Joint-Lead Managers (JLMs) / Bookrunners:
Citi
Emirates NBD Capital
ING
Mizuho
MUFG
Standard Chartered Bank
Legal Adviser to the Issuer:
Linklaters
Paksoy
Legal Adviser to the JLMs:
Allen & Overy
Gedik & Eraksoy

Türkiye İş Bankası A.Ş.
TRY 800.000.000 (USD 136.7 mn)
19.06.2019
10YNC5 3M TRLIBOR+100 bps Basel III-Compliant Tier2 TRY Den. FRN due in 06.06.2029
Joint-Lead Managers (JLMs) / Bookrunners:
İş Yatırım Menkul Değerler A.Ş.

QNB Finansbank AŞ
USD 650 Mio 144A/RegS Bond
07 March 2019
6.875%
Senior Unsecured due in 07 Sept 2024
Joint-Lead Managers (JLMs) / Bookrunners:
CITI
JP Morgan
Mizuho
QNB Capital
Societe Generale
SCB
Morgan Stanley
Legal Adviser to the Issuer
Mayer Brown
Yazıcı Legal
Legal Adviser to the JLMs:
Herbert Smith
Paksoy

Corporate Bond Deal of the Year

Eregli Demir ve Çelik FabrikalarıT.A.S.
TRY 550 mln(USD 94 mln approximately)
31/05/2019
TRY100 Face Value / Coupon: TRLIBOR 3M + 50 bps
Qualified Investor Placement due in 28/05/2021
Joint-Lead Managers (JLMs) / Bookrunners:
OYAK Yatırım Menkul Degerler A.S.

Superonline İletişim HizmetleriA.Ş. (Superonline)
75 mn TL (USD 12 7 mn **)
June 14, 2019
Simple Yield 2 3,70% / Compounded Yield 25,67%
Wakalah Sukuk due in 8 october 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Halk Yatırım Menkul Değerler A.Ş.
Legal Adviser to the Issuer:
UNSAL
Ayaz Law Firm
Legal Adviser to the JLMs/Bookrunners:
Akol Namlı & Partners

Türk Telekomünikasyon A.Ş. - Türk Telekom,
USD Equivalent USD 500,000,000
28 February 2019
99.396% / 6.875% / 7.000%
Eurobond due in 28 February 2024
JLMs / Bookrunners
BofA Merrill Lynch
Citigroup
ING
MUFG
Société Générale
Legal Advisor to Issuer
Baker McKenzie
Esin Attorney Partnership
Legal Advisors to Joint Lead Managers
Allen & Overy
Gedik & Eraksoy

Local Currency Bond Deal of the Year

Arçelik A.Ş.
TL500 mn (USD95 mn)
15.02.2019
2 year floating with 3M TRLIBOR + 75 bps spread
Senior unsecured notes issue marks the first ever TL500mio corporate benchmark due in 12.02.2021
JLMs/Bookrunners:
Yapı Kredi Menkul Değerler A.Ş.

Eregli Demir ve Çelik FabrikalarıT.A.S.
TRY 550 mln(USD 94 mln approximately)
31/05/2019
TRY100 Face Value / Coupon: TRLIBOR 3M + 50 bps
Qualified Investor Placement due in 28/05/2021
Joint-Lead Managers (JLMs) / Bookrunners:
OYAK Yatırım Menkul Degerler A.S.

Turkiye Kalkinma ve Yatirim Bankası A.Ş. Varlik Finansmani Fonu
TRY 3,15 bn (> USD 590 mn)
7 December 2018
5-year Asset Backed Security (ABS) issuance with mortgage backed securities as the underlying asset quarterly coupon payments
Joint-Lead Managers (JLMs) / Bookrunners:
Aktifbank

Structured Bond Deal of the Year

Garanti Bankası A.Ş.
USD150m
7 March 2019
DPR Securitisation / Garanti Diversified Payment Rights Finance Company issued notes under the DPR Programme due in April 2024
Joint-Lead Managers (JLMs) / Bookrunners:
The Hongkong and Shanghai Banking Corporation Limited
Legal Adviser to the Issuer:
Paksoy
Maples and Calder
Legal Adviser to the JLMs:
White & Case LLP
Emmet, Marvin & Martin LLP

Turkiye Kalkinma ve Yatirim Bankası A.Ş. Varlik Finansmani Fonu
TRY 3,15 bn (> USD 590 mn)
7 December 2018
5-year Asset Backed Security (ABS) issuance with mortgage backed securities as the underlying asset quarterly coupon payments
Joint-Lead Managers (JLMs) / Bookrunners:
Aktifbank

ÜNLÜ Menkul Hasat Asset Finance Fund / Tarfin Tarim A.S.
TL10.000.000. / USD1.712.299
31 May 2019
30.5% per annum
Asset Backed Securities, Pay-through certificates issued by an SPV formed as CMB regulated fund due in 15 November 2019
JLMs/Bookrunners:
Unlu Menkul Degerler A.S
Legal Advisor to Issuer:
Esin Attorney Partnership

Syndicated Loan Deal of the Year

Bereket Enerji Üretim A.Ş
USD 1,000 million
26/06/2019
Amortising structure due in 31.12.2030
Largest natural resource power refinancing in Turkey in terms of size in 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Turkiye Is bankasi AS
Yapi ve Kredi Bankasi AS
Vakıfbank,
Ziraat Bank
TSKB
Kuveyt Turk
Financial Advisor:
Lydus Partners & Co
Legal Adviser to the Borrower:

UNSAL
Legal Adviser to the Lenders:
GKC Partners

Karpower International B.V
USD 165 million
09.08.2019
Senior secured amortizing term loan due in October 2021
Joint-Lead Managers (JLMs) / Bookrunners:
Bank of America, ICBC Turkey Bank A.Ş, Roehampton Partners, Gramercy, PGGM, İşbank, TCA Investment, CFE SA, Federated Fund
Legal Advisors:
Clifford Chance
Yegin Ciftci Attorney Partnership
Dentons

Levent Yapılandırma Yönetimi A.Ş.
USD 3.500 million
21.12.2018
The transaction has been completed on 21.12.2018 upon the transfer of the shares representing 55% of Türk Telekom's issued share capital to Levent Yapılandırma Yönetimi A.Ş due in 31.12.2019 (final maturity may be extended up to 4 years)
Joint-Lead Managers (JLMs) / Bookrunners:
30 Financial Instutions including Türkiye İş Bankasi A.Ş., Garanti Bankası A.Ş., Akbank T.A.Ş.
Legal Advisors:
Allen Overy
Gedik Eraksoy
Legal Adviser to the Sponsors (Saudi Telecom Company):
Esin Attorney Partnership

Structured Loan Deal of the Year

Pegasus Airlines
EUR 117.674.801,69 (USD eqv 131.509.875,00)
29.05.2019 /12.07.2019 /31.07.2019
Mortgage style / Quarterly payments due in 29.05.2031/ 12.07.2031 /31.07.2031
Joint-Lead Managers (JLMs) / Bookrunners:
Société Générale (as Lender)
Balthazar Insurers:
SCOR | Channel AXA XL Liberty Specialty Markets
Balthazar Insurance Broker:
Marsh France
Legal Adviser to the Issuer:
Holland & Knigt LLP
Legal Adviser to the JLMs:
Norton Rose Fulbright
Dikici Law Office

SOCAR Turkey Enerji A.Ş.
600 mnTL LT & 50 mnTL ST (Total 115 mn$)
14 June 2019
Amortizing structure due in 14 June 2027
Joint-Lead Managers (JLMs) / Bookrunners:
Garanti Bankasi
Is Bankasi
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
GKC Partners

Turkcell İletişim Hizmetleri A.Ş.
EUR 50,000,000 (USD 56,000,000)
7 May 2019
EURIBOR + 1.95%
This is the very first and only sustainable finance loan transaction in Turkey due in 14 May 2023
Joint-Lead Managers (JLMs) / Bookrunners:
BNP Paribas Fortis SA/NV
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
Baker McKenzie
Esin Attorney Partnership

Project Finance Deal of the Year

Aydem DisCo, Aydem RetCo/ Bereket Energy Group
$677mn
19 July 2019
Amortizing Restructuring Loan due in 19 July 2031
Joint-Lead Managers (JLMs) / Bookrunners:
Yapi Kredi Bank
Financial Advisor:
Lydus Partners & Co
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
GKC Partners

North Marmara Motorway
USD 4.5 billion (approx.)
Amortizing Loan due in 15 May 2028 NMM Asia & 15 May 2029 NMM Europe
Joint-Lead Managers (JLMs) / Bookrunners:
Garanti
Finansbank
Is Bank
Vakifbank
Ziraat Bank
Halk Bank
ICBC
Bank of China
Kuveyt Türk
Albaraka Turk
Legal Adviser to the Issuer:
Verdi Law Firm
Clifford Chance
Legal Adviser to the JLMs:
Goksu Safi Isik
White and Case

Unifree Duty Free Anonim Şirketi ∙ THIRD AIRPORT PROJECT
EUR 125.000.000
September 2018
Advisor:
Unlu Menkul Degerler A.S
Lender:
Vakıf Bank A.Ş
Legal Adviser to the Issuer:
Goksu Safi Isik
Verdi Law Firm
Legal Adviser to the JLMs:
Aytemiz Law Firm

ECA Finance Deal of the Year

Kastamonu Entegre Ağaç San.Tic. A.Ş
EUR 20,600,000 (USD 23,000,000)
19 October 2019
EURIBOR + 0.65%
Kastamonu Entegre Ağaç San.Tic. A.Ş. in relation to an ECA (Oesterreichische Kontrollbank Aktiengesellschaft (OeKB)) backed EUR 20.6 million term loan facility due in 16 July 2029
Joint-Lead Managers (JLMs) / Bookrunners:
Bayerische Landesbank
Legal Adviser to the Issuer
Baker McKenzie
Esin Attorney Partnership

Turkcell İletişim Hizmetleri A.Ş.
USD 150,000,000
25 February 2019
Libor + 0.58% (Tranche 1) and 3.84% fixed (Tranche 2-3)
Three equal tranches of USD 50million covers Turkcell’s purchases i) before 2019 ii) in 2019-20 and iii) in 2020-21 from Ericsson due in 25 February 2029 – 2030 – 2031
Joint-Lead Managers (JLMs) / Bookrunners:
JPMorgan Chase Bank, N.A
AB Svensk Exportkredit
Guarantee:
EKN (Exportkreditnämnden)
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
Baker McKenzie
Esin Attorney Partnership

Turkish Airlines ∙ SACE Guaranteed French Tax Lease
EUR 230mn USD eq. 250 mn
November 2018
3-month EURIBOR + 0.70%
Fully amortising loan / French Tax Leverage due in November 2030
Joint-Lead Managers (JLMs) / Bookrunners:
Crédit Industriel et Commercial
UniCredit Bank Austria AG
Legal Adviser to the Issuer:
Clyde & Co LLP
Legal Adviser to the JLMs:
Norton Rose Fulbright LLP

Islamic Finance Deal of the Year

LC Waikiki Mağazacılık Hizmetleri A.Ş.
EUR 11,500,000 (USD 12,000,000)
29 November 2018
EURIBOR + 3.2%
Murabaha facility due in 29 November 2025
Joint-Lead Managers (JLMs) / Bookrunners:
BBK S.C. (Bank of Bahrain and Kuwait)
Legal Adviser to the JLMs:
Baker McKenzie
Esin Atorney Partnership

SuperonlineİletişimHizmetleriA.Ş. (Superonline)
75 mn TL (USD 12 7 mn **)
June 14, 2019
Simple Yield 2 3,70% / Compounded Yield 25,67%
Wakalah Sukuk due in 8 october 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Halk Yatırım Menkul Değerler A.Ş.
Legal Adviser to the Issuer:

UNSAL
Ayaz Law Firm
Legal Adviser to the JLMs/Bookrunners:

Akol Namlı & Partners

Ziraat Katilim Bankasi A.Ş.
USD 118m & EUR 121m (USD 254m equivalent)
10 April 2019
Dual Currency Syndicated Murabaha Financing Facility due in 367 days
Joint-Lead Managers (JLMs) / Bookrunners:
Arab Banking Corporation (B.S.C.)
Dubai Islamic Bank PJSC
Emirates
NBD Capital Limited
Warba Bank K.S.C.P
Standard Chartered Bank
Legal Adviser to the Issuer:
Paksoy

Infrastructure Finance Deal of the Year

North Marmara Motorway
USD 4.5 billion (approx.)
Amortizing Loan due in 15 May 2028 NMM Asia & 15 May 2029 NMM Europe
Joint-Lead Managers (JLMs) / Bookrunners:
Garanti
Finansbank
Is Bank
Vakifbank
Ziraat Bank
Halk Bank
ICBC
Bank of China
Kuveyt Türk
Albaraka Turk
Legal Adviser to the Issuer:
Verdi Law Firm
Clifford Chance
Legal Adviser to the JLMs:
Goksu Safi Isik
White and Case

Osmangazi Elektrik Dagitim AS (“OEDAS”)
USD 320 million
Joint-Lead Managers (JLMs) / Bookrunners:
EBRD
IFC
FMO
Denizbank
Legal Adviser to the Issuer:
White & Case
GKC Partners
Legal Adviser to the JLMs:
Paksoy

Turkcell İletişim Hizmetleri A.Ş.
EUR 50,000,000 (USD 56,000,000)
7 May 2019
EURIBOR + 1.95%
This is the very first and only sustainable finance loan transaction in Turkey due in 14 May 2023
Joint-Lead Managers (JLMs) / Bookrunners:
BNP Paribas Fortis SA/NV
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
Baker McKenzie
Esin Attorney Partnership

Power Finance Deal of the Year

Akfen Yenilenebilir Enerji A.Ş.
US$ 125 million
October 2018
Joint-Lead Managers (JLMs) / Bookrunners:

EBRD
Legal Adviser to the Issuer:

Latham & Watkins
ASC Law Firm
Legal Adviser to the Lender:
White & Case
GKC Partners


Polat Enerji/Şua Elektrik Üretim A. Ş
USD 32 million cash & USD 13 million equivalent non-cash facility
19/07/2019
26 MW Licensed SPP Amortizing structure due in 2031
Joint-Lead Managers (JLMs) / Bookrunners:
Is Bank
TSKB
Legal Advisor:
Akol Namli & Partners

Yatağan Termik Enerji Üretim A.Ş
USD 920 million
17 July 2019
Largest thermal power plant restructuring in Turkey in terms of size in 2019.
Joint-Lead Managers (JLMs) / Bookrunners:
Security Agent:
Yapı ve Kredi Bankası A.Ş.
Facility Agent:
Türkiye İş Bankası A.Ş.
Financial Advisor:
Lydus Partners & Co
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
GKC Partners

Transport Finance Deal of the Year

Arkas Holding & Duisburger Hafen AG
USD 60.000.000
9 June 2019
Senior Secured Amortizing Term Loan due in 20 June 2031
Joint-Lead Managers (JLMs) / Bookrunners:
EBRD
ICBC
Legal Advisors:
Bird & Bird Law Firm
Paksoy

Istanbul Metropolitan Municipality
EUR 175.000.000– USD 193.835.000
27 August 2019
Construction of the Umraniye-Atasehir-Goztepe metro line. A/B loan structure in the municipal market due in 2026
Joint-Lead Managers (JLMs) / Bookrunners:
Société Générale
Legal Adviser to the Issuer:
Bezen & Partner

Turkish Airlines/ Turkish Airlines ∙ BALTHAZAR Guaranteed French Tax Lease
EUR 200mn USD eq 220 mn
February-August 2019
3-month EURIBOR + 1.00
Fully amortising loan / French t ax leverage due in February August 2031
Joint-Lead Managers (JLMs) / Bookrunners:
BNP Paribas
Legal Adviser to the Issuer:
Clyde & Co LLP
Legal Adviser to the JLMs:
Norton Rose Fulbright LLP

Natural Resource Finance Deal of the Year

Bereket Enerji Üretim A.Ş
USD 825,500,0001,000 million
17 July 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Turkiye Is bankasi AS
Yapi ve Kredi Bankasi AS
Vakıfbank
Ziraat Bank
TSKB
Kuveyt Turk
Financial Advisor:
Lydus Partners & Co
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
GKC Partners

Polat Enerji/Şua Elektrik Üretim A.Ş
USD 32 million cash & USD 13 million equivalent non-cash facility
19/07/2019
Amortizing structure due in 2031
Joint-Lead Managers (JLMs) / Bookrunners:
Is Bank
TSKB
Legal Advisor:
Akol Namli & Partners

İçtaş Sürdürülebilir Enerji Yatırımları A.Ş.
USD 100,000,000
April 2019
Joint-Lead Managers (JLMs) / Bookrunners:
EBRD
Legal Adviser to the Issuer:
UNSAL
Dentons
Legal Adviser to the JLMs:
Paksoy
K&L Gates

Kolin İnşaat Turizm Sanayi ve Ticaret A.Ş.
EUR 215 million plus TL 279.522.000
25 April 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Vakıfbank
Halkbank
ICBC Turkey
Legal Adviser to the Issuer:
Lexist Law Firm
Legal Adviser to the JLMs:
GKC Partners

M&A/Acquisition Finance

Godiva Belgium BVBA
USD 1.3 Billion
19 February 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Morgan Stanley
PwC
A.T. Kearney
Merrill
Legal Advisor:
Baker McKenzie

Kordsa
USD 140m
July 2019
Acquisition of US-based Axiom Materials due in 5 years
Joint-Lead Managers (JLMs) / Bookrunners:
BANK OF AMERICA, N.A.,
MUFG BANK, LTD.,
DEMIR-HALK BANK (NEDERLAND) N.V.
CREDIT EUROPE BANK N.V.
Legal Adviser to the Issuer:
Akol Law

SOCAR Turkey Enerji A.Ş.
600 mnTL LT & 50 mnTL ST (Total 115 mn$)
14 June 2019
Amortizing structure due in 14 June 2027
Joint-Lead Managers (JLMs) / Bookrunners:
Garanti Bankasi
Is Bankasi
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
GKC Partners
Pepper Hamilton LLP
Legal Adviser to the JLMs:
Allen Overy
Esin Attorney Partnership (Legal adviser to MUFG Bank, Ltd)

IPO/Equity Capital Markets

Mayhoola – Boyner Parakende
Equity: US$405,250,000
Finance: EUR 347 million
24 July 2019
M&A/Acquisition Finance
Legal Adviser to the Issuer:
Baker McKenzie
Esin Attorney Partnership
Legal Adviser to the JLMs:
White & Case

Türkiye Finans Katılım Bankası A.Ş
TRY800 Mln (USD152 Mln approximately)
25/01/2019
TRY100 Face Value/%22,49 Compounded Rate
Fixed Yield Sukuk Issue: %5,1288 term yield due in 25 April 2019
Joint-Lead Managers (JLMs) / Bookrunners:
OYAK Yatırım Menkul Degerler A.S.

Export Finance Deal of the Year

Ciner Iç ve Dış Ticaret A.Ş.
Upto 75 mn
13 December 2018
Up to 120 days
JLMs / Bookrunners:
Bank ABC
Coface
Legal Advisors:
Esin Attorney Partnership
Regnum Solicitors

Kastamonu Entegre Ağaç San.Tic. A.Ş
EUR 20,600,000 (USD 23,000,000)
19 October 2019
EURIBOR + 0.65%
Kastamonu Entegre Ağaç San.Tic. A.Ş. in relation to an ECA (Oesterreichische Kontrollbank Aktiengesellschaft (OeKB)) backed EUR 20.6 million term loan facility due in 16 July 2029
Joint-Lead Managers (JLMs) / Bookrunners:
Bayerische Landesbank
Legal Adviser to the Issuer
Baker McKenzie
Esin Attorney Partnership

Turkcell İletişim Hizmetleri A.Ş.
USD 150,000,000
25 February 2019
Libor + 0.58% (Tranche 1) and 3.84% fixed (Tranche 2-3)
Three equal tranches of USD 50million covers Turkcell’s purchases) before 2019 ii) in 2019-20 and iii) in 2020-21 from Ericsson due in 25 February 2029 – 2030 – 2031
Joint-Lead Managers (JLMs) / Bookrunners:
JPMorgan Chase Bank, N.A
AB Svensk Exportkredit.
Guarantee:
EKN (Exportkreditnämnden)
Legal Adviser to the Borrower:
UNSAL
Legal Adviser to the JLMs:
Baker McKenzie
Esin Attorney Partnership

Real Estate Finance Deal of the Year

Emlak Konut GYO ( Emlak Konut REIT)
100 mn TL (USD 18,9 mn **)
July 2, 2019
Simple Yield 2 3,90% / Compound Yield 2 6,20%
Corporate Bill due in 24 September 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Halk Yatırım Menkul Değerler A.Ş.

Halk Varlık Kiralama A.Ş. / Emlak KonutGYO (EmlakREIT)
250 mn TL (USD 4 4,9 mn *)
February 26, 2019
Simple Yield21 00 % / Compounded Yield 22 52 %
Wakalah Sukuk due in 25 June 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Halk Yatırım Menkul Değerler A.Ş.
Legal Advisors:
Akol Namli & Partners
Ayaz Law Firm

Halk Varlık Kiralama A.Ş. / Halk GYO (Halk REIT)
205 mn TL (USD 35,9 mn *)
20 August 2019
Simple Yield 17,50% / Compounded Yield 18,55%
Wakalah Sukuk due in 17 December 2019
Joint-Lead Managers (JLMs) / Bookrunners:
Halk Yatırım Menkul Değerler A.Ş.
Legal Advisors:
Akol Namli & Partners
Ayaz Law Firm