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The Changing Dynamics of the Turkish Debt Markets under the New Amendments to the Debt Instruments Communiqué

March 2017

On 27 November 2015, Turkey's securities regulator, the Capital Markets Board (the "CMB"), announced certain changes to the Debt Instruments Communiqué (Borçlanma Araçları Tebliği) — the primary body of rules that govern the issuance of debt securities in Turkish capital markets. The rule changes, which became effective on 18 February 2017, deal with a wide range of issues in relation to debt offerings and constitute an important step in strengthening the depth and liquidity of the Turkey's developing debt markets by providing issuers greater flexibility in structuring and managing their debt instruments. 

Among other things, most importantly the changes offer greater flexibility for issuers in areas such as liability management, project bonds and contingent convertible/convertible bonds. The rules also stipulate a new minimum face value rule in relation to private debt offerings and other changes in relation to disclosure requirements