Türkiye Kalkınma ve Yatırım Bankası A.Ş. (TKYB) (Development and Investment Bank of Türkiye), the development finance institution, 99.08% owned by the Ministry of Treasury and Finance, has successfully issued its first sustainable bond, which is also the first sustainable cross-border bond issuance by a Turkish issuer under Türkiye's Capital Markets Board's Green and Sustainable Debt Instruments Guide, in September 2022. The €100m bond was governed by French law and issued through a private placement with the French development finance institution, the Agence Française de Développement (AFD).
The bond is issued under TKYB's Sustainable Finance Framework published in May 2022, which is aligned with the International Capital Market Association (ICMA) Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines.
At least 75% of the proceeds of the issue of the bond will be applied to green projects that contribute to the fight against climate change, while the remainder will be applied to social projects.
For this transaction, CMS and Yalçın Babalıoğlu Kemahlı Law Firm (YBK Law Firm), CMS' cooperation partner in Türkiye, coordinated by Marc-Etienne Sébire, Partner and Global Co-Head of the CMS Banking & Finance Group, advised the subscriber, the Agence Française de Développement. For French law, the CMS team comprised Marc-Etienne Sébire, partner, and Yaël Fitoussi and Pierre Maunand, associates. For Turkish law, the YBK Law Firm team comprised Hülya Kemahli, partner, Arcan Kemahlı, counsel, and Zeynep Berin Manavgat, associate.
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CMS Francis Lefebvre is one of the leading international corporate law firms. Its deep roots, unique positioning and highly recognised expertise enable it to deliver innovative, high-value-added solutions in all areas of law. Revenue EUR 199,8 million in 2021 and it has 450 lawyers including 117 partners.
CMS Francis Lefebvre is a member of CMS. Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With more than 70 offices in over 40 countries across the world and more than 5,000 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets. Revenues totalled EUR 1,746 bn in 2021.
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