Kramer Levin Represents Leading Turkish Commercial Bank in $225M Issuance of Asset-Backed Notes

Kramer Levin acted as counsel to Yapi ve Kredi Bank, a leading Turkish commercial bank, in the further issuance of five new series of asset-backed notes under the Bank's diversified payment rights securitization program. The floating rate notes were issued in two closings: four series were issued on August 22, 2011 and one series was issued on September 27, 2011. The aggregate amount issued was $225 million and Euros205 million. The portion of the note proceeds provided by IFC and EBRD are to be used for sustainable energy projects in Turkey and for loans to qualified small and medium enterprises. The transaction was handled by Banking and Finance partner Laurence Pettit.