NEWSLETTER-2017

219 CAPITAL MARKETS LAW Recent Amendments to the Debt Securities Communiqué* Att. Cansu Ozsan The Debt Securities Communiqué (II-31.1) that has been in force since July 7, 2013, was amended with the Communiqué numbered II-31.1a published in the Official Gazette dated February 18, 2017, and the Communiqué numbered VII-128.7c published in the Official Gazette dated March 8, 2017. Along with the amendment, the name of the Communiqué has also been changed to Debt Securities Commu- niqué (VII-128.8) (“Communiqué”). This article examines the various amendments to the Communiqué. Issuance of Debt Securities The word, “bill” in the Communiqué has been amended to “fi- nancing bill.” Prior to the amendment, the financing bills’ and bonds’ nominal values had to be paid on the maturity date; now, it is possible to pay the nominal values in installments prior to the maturity date. In this manner, the issuer, who has sufficient financial resources and liquidity, shall be able to return the capital before it matures. Debt securities may be issued to be sold domestically, through or without public offering, or to be sold internationally. Sales without public offering may only be in the form of private placement with a minimum nominal amount of 100.000 TRY, or through sales to qualified investors. Along with the amendment, a minimum amount for domestically issued debt instruments sold via private placement is introduced. The Capital Markets Board (“Board”) may require that the issuer with payment obligations with respect to debt securities be guaranteed * Article of December 2017