National energy company Turkish Petroleum (TPAO) has successfully completed a $1 billion five-year sukuk issuance, Energy and Natural Resources Minister Alparslan Bayraktar has announced.
“This historic transaction, which attracted demand of $5.5 billion, exactly 7.3 times the initial target, went down in the records as both the largest corporate sukuk issuance ever carried out in our country and the first transaction by a public enterprise,” Bayraktar wrote on X on Feb. 26.
“This depth of demand, achieved with the participation of 165 international investor institutions across a broad geography stretching from Europe to the Gulf and from Asia to America, demonstrates the confidence in Türkiye’s energy vision and our Sakarya Gas Field and Gabar projects,” he added.
“This issuance, which resulted in a pricing of 6.3 percent and was initially planned at $750 million but increased to $1 billion due to intense interest, has also cemented TPAO's position in global capital markets,” Bayraktar noted.
“We will continue to add value to our country by creating alternative financing sources for the major projects we are carrying out as part of our national energy outlook,” he said.
According to a statement from TPAO, the sukuk issuance was carried out under the financial advisory of Kuveyt Türk Yatırım, with KFH Capital, Emirates NBD Capital and Standard Chartered Bank acting as global coordinators.
Abu Dhabi Commercial Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Warba Bank participated in the transaction as Joint Lead Managers (JLMs).
