Istanbul Metropolitan Municipality (İstanbul Büyükşehir Belediyesi) issued US$ 580 million bonds due 2025 to international markets, including QIBs in the US under Rule 144A. The net proceeds of issue of the bonds will be used to finance certain projects related to the municipality’s metro railway lines. We are proud to be a part of this successful transaction which demonstrates that capital markets may well be an alternative financing for municipalities in Turkey.

Paksoy is pleased to announce that a team led by Omer Collak (partner) together with Ökkeş Şahan (counsel) and Merve Kurdak Kurtdarcan (associate) acted as Turkish counsel to the Istanbul Metropolitan Municipality on this transaction.

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