Daniel Matthews


Recent development

On November 27, 2015, the Capital Markets Board (the “CMB”) published draft amendments to the current Debt Instruments Communiqué (the “Draft Communiqué”). Under the Draft Communiqué, issuers will be required to demonstrate greater financial strength than previously required or, alternatively, provide payment guarantees. The Draft Communiqué is available on the CMB’s website for public comment until December 18, 2015.

Recent Developments The Turkish Council of Ministers has decided to IPO up to 42.75% of Borsa Istanbul, the Turkish stock exchange, in 2015, with a possible extension through 2016. The exchange is now authorized to appoint underwriters and other consultants and to enter into all offering-related documents on behalf of the Turkish Undersecretariat of the Treasury, which holds the government’s shares. The offering price is subject to the approval of the Council of Ministers. The…