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Country Writers: Ahmed
Pekin and Melis Cosan Baban
apekin@pekin-pekin.com
mcosan@pekin-pekin.com
Pekin & Pekin
Tel:+ 90-212-313-3500
www.pekin-pekin.com
SECURITIZATION
LAWYERS AT THIS FIRM
FIRM PROFILE
Established in 1971, Pekin & Pekin is one of the largest law
firms in Turkey. Pekin & Pekin has an outstanding reputation
for its high quality service to (mainly English- and French-speaking)
clients of Europe, Asia, the Middle East, and North America, as
well as within Turkey. The main office is based in Taksim, at the
center of Istanbul. Attorneys are fluent in Turkish, English, and
French.
Professional Affiliations:Lex Mundi; TerraLex; The Association of
European Lawyers; The Futures & Options Association; International
Swaps and Derivatives Association, Inc. ("ISDA"); International
Bar Association; Martindale-Hubbell.
Representative Clients:
Clients represented on both retainer and case-by-case basis. The
firm has represented numerous “Fortune Global 500”companies
which include approximately 70% of the international banks listed;
as well as several American “Fortune 500” corporations
and other smaller companies; major European companies and others;
major Japanese corporations. Additionally, counsel to diverse group
of major Turkish corporations and joint venture companies organised
under the laws of the Republic of Türkiye.
SECURITIZATION MARKET STATEMENT
The securitisation team of Pekin & Pekin headed by Ahmed Pekin
has been involved in vast majority of all the international future-flow
securitisation transactions of banks in Turkey. Some of the major
asset-back (i.e. export receivables/ remittances/ diversified payments)
securitisation transactions in Turkey, which our firm was also involved
in, are the following:
Pekin & Pekin acted as legal advisor
to the Placement Agent.
Pamukbank T.A.S.. US$45,000,000 Floating Rate Certificates due 2003.
Pekin & Pekin acted as legal advisors to the Initial
Purchasers.
Finans Bank A.S.. $0 Floating Rate Trust Certificates, 11.15%
US$50,000,000 Trust Certificates, Floating Rate EUR 75,000,000 Trust
Certificates.
Pekin & Pekin acted as legal advisor to the Insurance
Corporation and the Initial Certificateholders
Akbank T.A.S. 2001 -A Credit Card Securitization $100,000,000
Aggeregate Intial Certificate Principal Balance Akbank 2001-A Receivables
Trust Floating Rate Certificates
Pekin & Pekin acted as legal advisor to the Initial
Purchases
Garanti Trade Payment Rights Securtization Offering of US$29,000,000
Series 1999-A Floating Rate Certificates due 2004 and US$ 171,000,000
Series 1999-B Fixed rate Certificates due 2004
Pekin & Pekin acted as legal advisor to the Managers
Ottoman Bank Trade Payment Rights Securitization 83/4% €19,000,000
Series 1999-B Notes, Floating rate €81,000,000 Series 1999-A
Notes
Pekin & Pekin acted as legal advisor to the Managers
€100,000 TFT Payment Rights Plc.
Turk Dis Ticaret Bankasi €69,000,000 Series 2000 A-Floating
Rate Notes, €31,000,000 Series 2000 B-9% Notes
Pekin & Pekin acted as legal advisor to the Security
Agent for the Secured Parties and the Facility Agent for the Lenders
Turk Halk Bankasi A.S. Securitization of Cross Border Remittance
Pekin & Pekin acted as legal advisor to the Security
Agent for the Secured Parties and the Facility Agent for the Lenders
Vakifbank Securitization of Cross Border Remittance
Pekin & Pekin acted as legal advisor to the Arranger,
Facility Agent and Security Agent
US$200,000,000 Securitisation Programme of Present and Future Cross
Border Payment Rights originated by Turkiye Vakiflar Bankasi T.A.O.
Pekin & Pekin acted as legal advisor to the Seller
US$325,000,000 Securitisation Programme of Cross Border Remittances
originated by Akbank T.A.S.
Pekin & Pekin acted as legal advisors to the Initial
Purchasers Turkiye Garanti Bankasi A.S., as Originator of Diversified
Payment
Rights and as the Servicer, Garanti Diversified Payment Rights Finance
Company US$200,000,000 Series 2003-A Floating Rate Notes Due 2008.
The banks in Turkey, which have lower ratings from the credit rating
agencies, but have high-quality assets (i.e. receivables) can get
cheaper funds through securitisation as compared to borrowing from
the money markets
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