Offering of lease certificates under Rule 144A/Reg. S
Our attorneys represented the Republic of Turkey in a November 25, 2014 offering of US$1 billion Lease Certificates due 2024. This was Turkey’s third such financing transaction since 2013. The latest Sukuk, which was again structured to comply with Shariah law, involved the issuance of lease certificates representing interests in Turkish government real estate assets that were transferred to the issuer and leased back to the government.