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NEWSLETTER 2013
216
Communiqué Regarding Debt Securities
1
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Att. Nilay Celebi
The Communiqué Regarding Debt Securities (II-31.1)
(“Communiqué”) was published in the Official Gazette dated 07
June 2013 and numbered 28670. The Communiqué on the Principles
Regarding the Registration and Sale of Debt Securities (Serial: II, No:
22) was abrogated with this Communiqué. The Communiqué entered into
force on 07 July 2013.
Issuance of Debt Securities
Debt securities may be issued through public offering or through
private sale without being offered to the public. Sales conducted without a
public offering are concluded as private placement and the debt securities
are sold to a qualified investor.
The debt securities to be issued may be sold in tranches within the
issuance limit, to be calculated pursuant to the Communiqué, and within
the issuance limit deemed appropriate by the Capital Markets Board
(“
Board
”). The issuance limit shall be determined in Turkish Lira for
domestic issuances. The issuance limit shall be determined in Turkish
Lira or a foreign currency for issuances conducted abroad. If the sale of
the debt securities within a year, is made within the currency other than
the approved currency by the Board, the serial issuance certificate shall
be prepared in the sale currency. In such case, whether the sale amount is
within the issuance limit shall be determined as follows:
1) If the serial issuance certificate is granted in a foreign currency
and the issuance limit is given in Turkish Lira, the sale amount shall be
converted to Turkish Lira based upon the Central Bank of Turkey (CBT)
selling exchange rate on the business day prior to the application to the
Board for the approval of the related serial issuance certificate.
2) If the serial issuance certificate is granted in Turkish Lira and
the issuance limit is given in a foreign currency, the sale amount shall be
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Article of July 2013