Commentary & Deal Flow

Book Update: Books > US$1.25bn (ex. JLM)
IPTs: 5yr: 8.125%a

• Issuer: Emlak Konut Varlık Kiralama A.Ş.
• Obligor: Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş.
• Issuer’s LEI: 789000W970B4NAYWF297
• Obligor’s LEI: 789000IA5R88NAGSC462
• Status: Senior Unsecured
• Format: Reg S Sukuk (Ijara Murabaha)
• Offering Size: US$ Benchmark
• Tenor: 5 years
• Obligor Rating: BB- (stable) by Fitch
• Expected Issue Rating: BB- by Fitch
• IPT: 8.125% area
• Periodic Distribution: Fixed, Semi-annual, 30/360
• Pricing Date: 21-May-26
• Settlement Date: 01-Jun-26 (T+6)
• Maturity Date: 01-Jun-31
• Change of Control: Occurs if TOKİ and/or any successor entity or similar government institution ceases to own (legal or beneficially), directly or indirectly, 100% of the preferential share capital of the Obligor
• Financial Covenants: Limitation on Indebtedness: Net Indebtedness / Total Equity ≤ 1.25:1
  Minimum Liquidity: Greater than or equal to two Periodic Distribution Amounts
  Minimum Total Equity: Total Equity Value should exceed TRY 100,000,000,000
• Other Covenants: Restricted Payments, Disposals, Transactions with Affiliates, Limitation on Line of Business and other customary HY covenants
• Optional Dissolution Date (Obligor Call): 3m par call
• Reg S Common Code/ISIN: 338667884 / XS3386678844
• Denominations: $200k x 1k
• Use of Proceeds: General corporate purposes
• Listing: London Stock Exchange’s International Securities Market
• Clearing: Euroclear / Clearstream
• Governing Law: English Law
• Documentation: Issuer’s Preliminary Offering Circular dated 18-May-26
• Joint Global Coordinators: Emirates NBD Capital, HSBC (B&D)
• Joint Bookrunners: Abu Dhabi Islamic Bank, Arab Banking Corporation, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, Sharjah Islamic Bank, Warba Bank
• Sukuk Structuring Bank: HSBC
• Timing: Books open, today’s business
• Marketing: FINAL LINK: www.netroadshow.com/nrs/home/#!/?show=c925cdb3 (Recommended)
  OR
  visit www.netroadshow.com and enter the entry code: EMLAK2026 (not case-sensitive)