Eren Ayanlar
Biography
Overview
Eren Ayanlar is a senior lawyer in the Firm's capital markets team in the Middle East, specialising in debt capital markets and structured finance transactions. He advises issuers and arrangers/joint lead managers in Europe and the Middle East on a range of conventional and Shari'a-compliant capital markets transactions.
Eren also provides counsel on conventional and Shari'a-compliant structured finance and securitisation transactions, including diversified payment rights (DPR) programmes, asset-based and asset-backed lending transactions. He represents financial institutions, investment funds, and corporates across various asset classes, such as residential mortgages, corporate and consumer loans, auto loans, and trade receivables.
Before joining the Firm's capital markets group in Dubai, Eren worked in the Firm's Istanbul office, specialising in equity and debt capital markets and providing regulatory advice. He holds the "Capital Market Activities Level III Licence" and "Corporate Governance Rating Licence" issued by the Turkish Capital Markets Association.
Experience
Eren's representative experience includes the following:
Debt Capital Markets (Conventional and Sukuk)
Advised Saudi Real Estate Refinance Company on:
- the establishment of its U.S.$5 billion international trust certificate (sukuk) programme, and debut issuances of U.S.2 billion trust certificates thereunder (2025); and
- the establishment (2021) and updates (2022, 2023, 2024) of its SAR 30 billion domestic sukuk issuance programme and issuances of SAR 20 billion sukuk thereunder.
Advised Saudi Aramco on:
- the updates of its international trust certificate (sukuk) and GMTN programmes, and issuances of U.S.6 billion notes and U.S.$3 billion trust certificates (2024);
- liability management transaction in relation to SAR 11.25 billion issued under its SAR 37.5 billion domestic sukuk programme (2024); and
- the establishment of its international trust certificate (sukuk) programme, and debut issuances of U.S.$6 billion trust certificates thereunder (2021).
Advised the dealer-managers on Saudi Arabia's domestic liability management transactions (2022, 2023 and 2024).
Advised the arrangers and dealers on the update of Almarai Company's U.S.$2 billion international trust certificate (sukuk) programme and subsequent issuance of U.S.$750 million trust certificates (2023).
Advised the arrangers and dealers on the updates of DP World Limited's GMTN programme and DP World Crescent Limited's international trust certificate (sukuk) programme and subsequent issuance of U.S.$1.5 billion green trust certificates (2023).
Advised Investment Corporation of Dubai on the establishment of its AED 4 billion EMTN programme (2023).
Advised the arrangers and dealers on the establishment of Al Rajhi Bank's U.S.$4 billion international trust certificate (sukuk) programme (2022) and inaugural issuance of U.S.$1 billion senior sustainable certificates thereunder (2023).
Advised Al Rajhi Capital Company, as the sole lead manager, on the issuance of SAR 6.5 billion additional tier 1 capital sukuk by Al Rajhi Bank (2022).
Advised Arabian Centres Company on its issuance of U.S.$650 million international trust certificates (sukuk) (2021) and tap issuance of U.S.$225 million international trust certificates (2021).
Advised Investcorp on its issuance of U.S.$252.3 million of preference shares (in debt format) (2021).
Advised Commerzbank, the sole lead manager, on the inaugural offering of US$200 million additional tier 1 notes by Alternatifbank (2021).
Advised Zorlu Renewables on its inaugural issuance of US$300 million issuance of senior secured notes (2021).
Advised Pegasus Airlines on its inaugural issuance of US$375 million senior unsecured notes (2021).
Advised Ülker Bisküvi on its inaugural issuance of US$650 million notes (2020).
Advised Yapı Kredi Bank on its inaugural issuance of US$650 million AT1 notes (2019).
Structured Finance
Advised Deem Finance LLC on its auto loan, merchant loan, personal loan and credit card receivables securitisation transaction (2025).
Advised Goldman Sachs on the US$365 million warehouse securitisation of buy now, pay later (BNPL) receivables originated by Tamara in Saudi Arabia (2023) and the upsizes and mezzanine accessions thereunder (2024). This was a first of its kind structured finance transaction in the GCC.
Advised First Abu Dhabi Bank on the establishment of its Shari'a-compliant compliant international structured trust certificates programme (2023).
Advised Akbank on its diversified payment rights (DPR) programme, including on consent solicitation and LIBOR migration transactions (2023).
Advised SHUAA Capital psc and SHUAA Venture Partners on the structuring, documenting and launch of a new venture finance-focused master trust-based conduit ('reverse') sukuk programme (2022).
Advised Moove Africa B.V., in connection with its inaugural issuance of US$30 million secured trust certificates (2022).
Advised Yapı Kredi Bank on its update of its covered bond programme (2021).
Equity Capital Markets
Advised Hepsiburada, the first Turkish company to list on Nasdaq, on its US$780 million initial public offering on Nasdaq in an SEC-registered transaction (2021).
Represented Yapı Kredi Bank on its US$1 billion rights issue (2019). The transaction was coupled with an additional tier 1 bond issuance.
Advised the underwriters on the secondary public offering by Aselsan, a leading Turkish high-technology defence and security company, and a leading R&D house, on the Borsa Istanbul (2018).
Represented the underwriters on the US$531 million initial public offering of Şok Marketler, a Turkish discount retailer (2018).
Represented U.N. Ro-Ro, Actera and Esas Holding on the initial public offering of U.N. Ro-Ro, a Turkish logistics company. The deal was cancelled prior to book building due to a trade sale of the U.N. Ro-Ro (2018).
Represented Başkent Doğalgaz and Torunlar REIC, on the initial public offering of Başkent Doğalgaz, a Turkish natural gas distribution company and an infrastructure REIC (2018).
Represented Enerjisa, Sabancı Holding and EON, on the initial public offering of Enerjisa, a leading Turkish energy distribution and retail company, on its US$352 million IPO (2018).
