Recent Developments Regarding Debt Instruments At Turkish Capital Markets

Capital Markets Board of Turkey ("CMB") has introduced its Amendments on the Communiqué on Debt Instruments Serial No. II-31.1a on 18 February 2017 with the Official Gazette numbered 29983 (the "Amendment"). The Amendment aims to ease the debt instrument issuance process and provides, amongst others, the following changes:

The Amendment clarifies the term 'note' (bono) by changing the term to 'financing note' (finansman bonosu) and the repayments for the financing notes and bonds (tahvil) to be made in installments until the maturity.

The Amendment separates the domestic and cross border issuances more clearly and distinguishes the domestic issuances as (i) the sale through public offering, (ii) private placement (without offering the debt instruments to the public) and (iii) sale through private placement to the qualified investors.