Arnold & Porter has advised Turkey in its first Islamic bond offering, the firm announced on Wednesday.
The issue, which complies with Sharia law, brought in $1.5 billion for Turkey. Turkish government real estate assets that the issuer receives and the government leases back are the basis for the offering. The lease certificates are due in 2018.
Steven Tepper, the lead Arnold & Porter partner on the matter, based out of New York, said the offering will help Turkey acquire investors who follow Islamic finance principles. The Islamic bond offering is the latest in a series of financial matters that Turkey has turned to Tepper for help during the past two decades.
Firm associate Marian Saxena in New York, as well as partner Jeremy Willcocks and associate Benjamin Kieft in London, assisted Tepper with the offering.