International law firm Akin Gump Strauss Hauer & Feld LLP announced that its Dubai capital markets team advised Türkiye Petrolleri Anonim Ortaklığı (TPAO), Türkiye’s state-owned oil and gas company, on establishing a $4 billion trust certificate (sukuk) issuance program and completing its inaugural $1 billion lease certificate issuance.
The transaction marks a significant milestone in Türkiye’s financial markets, as it represents the first sukuk issuance by a Turkish public economic enterprise and the largest corporate sukuk issuance ever completed in Türkiye. The newly established program creates a flexible Shariah-compliant funding platform that will support TPAO’s long-term financing strategy and provide broader access to international capital markets.
The inaugural issuance attracted strong interest from global investors, generating more than $5.5 billion in orders from 165 institutional investors across Europe, the Middle East and Asia. Due to the high demand—resulting in a 7.3 times oversubscription—TPAO increased the deal size from the originally planned $750 million to $1 billion, with the certificates priced at a final yield of 6.30%.
The transaction highlights the continued development of Türkiye’s sukuk market while also expanding financing options for large-scale energy and infrastructure projects. The program is expected to strengthen TPAO’s presence in the international Islamic capital markets and position the company as a recurring issuer.
Commenting on the milestone, TPAO Chief Financial Officer Cagri Tas said the inaugural sukuk issuance represents an important step in the company’s development as a global capital markets issuer. He noted that strong international demand and diversified investor participation demonstrate confidence in TPAO’s financial strength, long-term strategy and Türkiye’s energy ambitions.